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What is a Bill of Materials (BOM)?
A Bill of Materials in the complete record of the raw materials, components, and parts involved in the production of a product. A BOM must also contain the exact quantities of every item used.
A Bill of Materials helps a business estimate the cost of building a product and can give a rough idea about what its selling price should be. It also helps to plan purchases and avoid wastage of time and money of unnecessary items.
Ideally, a Bill of materials should be created at the beginning of a product life cycle to ensure development teams have everything they need without any delays or backlogs.
Generally, companies also limit the number of people authorized to make changes in the Bill of Materials so as to avoid any internal disputes and confusion.
Q: What is a Bill of Materials in product management?
A: In product management, a Bill of materials is widely used to establish the resources required for the inclusion of any product or feature in the project
Q: What does a BOM look like?
A: A BOM is a list of raw materials, components, and parts and their respective quantities required in the development of a product.