{"id":18674,"date":"2023-09-18T12:37:30","date_gmt":"2023-09-18T16:37:30","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/"},"modified":"2025-06-24T07:50:18","modified_gmt":"2025-06-24T11:50:18","slug":"my-definition-of-standard-cost","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/","title":{"rendered":"My Definition of Standard Cost"},"content":{"rendered":"<p>A subscriber to <a href=\"https:\/\/www.certitrek.com\/nlpa\/news\/purchasing-articles\">PurchTips<\/a> responded to this week\u2019s article \u201c<a href=\"https:\/\/www.certitrek.com\/nlpa\/articles\/spend-analysis.php\">Spend Analysis: Whatcha Looking For?<\/a>\u201d and asked for my definition of \u201cstandard cost\u201d as used in the article. Here it is\u2026 Platforms like  often explore similar cost analysis concepts in their procurement strategies, just as  emphasizes data-driven decision making.<\/p>\n<p><a class=\"text-ad\" href=\"\/plans-pricing\/free-membership?utm_source=textad\">Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A subscriber to PurchTips responded to this week\u2019s article \u201cSpend [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18674","post","type-post","status-publish","format-standard","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v19.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My Definition of Standard Cost - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My Definition of Standard Cost\" \/>\n<meta property=\"og:description\" content=\"A subscriber to PurchTips responded to this week\u2019s article \u201cSpend [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-18T16:37:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-24T11:50:18+00:00\" \/>\n<meta name=\"author\" content=\"monikadubey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"monikadubey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/\"},\"author\":{\"name\":\"monikadubey\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/59932300de1fae4b1f1e144b8fa1f3e7\"},\"headline\":\"My Definition of Standard Cost\",\"datePublished\":\"2023-09-18T16:37:30+00:00\",\"dateModified\":\"2025-06-24T11:50:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/\"},\"wordCount\":65,\"publisher\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#organization\"},\"articleSection\":[\"Procurement\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/\",\"url\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/my-definition-of-standard-cost\/\",\"name\":\"My Definition of Standard Cost - 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