How to reduce costs? | Cost reduction techniques

It may be extended to administrative, selling and distribution methods, personnel management, purchase and material control, financial management and other mischevious services. Tools and techniques for cost reduction :-
1. Budgetary control and standard cost.
2. Work study and organisation and method of procedure
3. Value analysis.
4. Standardisation.
5. Simplification and variety reduction .
6. Economic batch quantity (E. B. Q.)
7. Coding and classification.
8. Improvement in design.
9. Substitute material utilisation.
10. Automation.
11. Operational Research.
12. Quality Control.
13. Production Planning and Control.
14. Inventory Control.
15. Purchase Scheduling .
16. Job evaluation and merit voting.
17. Training and development.
18. Business forecast.
19. Market Research .
20. Employee morale
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