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Cost reduction is the achievement of real and permanent reduction in unit cost of products manufactured. It therefore continuously attempts to achieve genuine savings in cost of production, distribution, selling and administration.
It is a planned, scientific approach to cost reduction, which reviews the material composition of a product and production design so that modifications and improvements can be made which do not reduce the value of the product to the customer or to the user.
Definition. Cost reduction refers to the strategic approach of decreasing expenses in order to improve profitability while maintaining product quality and service levels. This concept is essential in enhancing operational efficiency and is often achieved through methods like process reengineering, which can streamline workflows and eliminate waste.
12 Ιουν 2023 · Cost reduction refers to the process of permanently reducing the expenses involved in manufacturing products or rendering services. It comes about without unduly impairing the end use or quality of the product or service.
5 Μαρ 2021 · Definition of Cost Reduction. The process of identifying and eliminating unnecessary costs to improve the profitability of a business is known as cost reduction.
Cost reduction refers to the strategies and processes aimed at decreasing expenses while maintaining or improving the quality of products or services. In the realm of manufacturing and production, particularly with advanced technologies, cost reduction becomes essential for enhancing competitiveness and profitability.
Cost reduction is a strategic approach that focuses on decreasing the per-unit cost of a product. It is a continuous and perpetual process that lacks a discernible conclusion. Achieving competitive advantages over the long run often necessitates a substantial research and development budget within cost reduction programs.
