Some projects can suggest expenditures to improve the efficiency of the machines by adding additional items or by improving certain characteristics of the machine. These projects are cost reduction projects and they need to analyzed using engineering economic analysis.
Industrial engineers are expected to come out with number of cost reduction projects using technologies that claim the cost reduction potential as well as ideas that have cost reduction potential. Lean systems is an idea having cost reduction potential. Lean systems designate certain items as non-value added activities and challenge people to reduce these non-value added activities and reduce cost. Cost of quality or profits of quality system improvement is one such idea. According to it, by redesigning the quality management system, companies can increase profits.
Recommended Reading
PhD Thesis: Towards Conceptual Framework for Strategic Cost Management : The Concept, Objectives and Instruments
2006
565 pages
Chemnitz TEchnical University
http://www.qucosa.de/fileadmin/data/qucosa/documents/5228/data/Title_250706.pdf
IT Cost Optimization - Gartner 2009
http://eval.symantec.com/mktginfo/enterprise/other_resources/b-gartner_decision_framework_for_prioritizing_cost_optimization_ideas.en-us.pdf
Three Steps for Sustainable Cost Reduction
Steel companies set their sights on high performance
Accenture
2012
https://www.accenture.com/ph-en/~/media/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Industries_10/Accenture-Three-Steps-Sustainable-Cost-Reduction-Steel-Companies-Set-Sights.pdf
Case study: Reducing costs, increasing efficiency for
the Government of Canada
Deloitte entity: Deloitte Canada
Client name: Treasury Board, Government of Canada
Topics: Cost reduction, enterprise service delivery
Country: Canada
Timeframe: August 2011 to March 2012
https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/public-sector/ca-en-dttl-ps-reducing-cost-increasing-efficiency-case-study.PDF
Development of a Cost Effective Supply Chain
Framework for a Construction Equipment
Manufacturer
Industrial engineers are expected to come out with number of cost reduction projects using technologies that claim the cost reduction potential as well as ideas that have cost reduction potential. Lean systems is an idea having cost reduction potential. Lean systems designate certain items as non-value added activities and challenge people to reduce these non-value added activities and reduce cost. Cost of quality or profits of quality system improvement is one such idea. According to it, by redesigning the quality management system, companies can increase profits.
Recommended Reading
PhD Thesis: Towards Conceptual Framework for Strategic Cost Management : The Concept, Objectives and Instruments
2006
565 pages
Chemnitz TEchnical University
http://www.qucosa.de/fileadmin/data/qucosa/documents/5228/data/Title_250706.pdf
IT Cost Optimization - Gartner 2009
http://eval.symantec.com/mktginfo/enterprise/other_resources/b-gartner_decision_framework_for_prioritizing_cost_optimization_ideas.en-us.pdf
Three Steps for Sustainable Cost Reduction
Steel companies set their sights on high performance
Accenture
2012
https://www.accenture.com/ph-en/~/media/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Industries_10/Accenture-Three-Steps-Sustainable-Cost-Reduction-Steel-Companies-Set-Sights.pdf
Case study: Reducing costs, increasing efficiency for
the Government of Canada
Deloitte entity: Deloitte Canada
Client name: Treasury Board, Government of Canada
Topics: Cost reduction, enterprise service delivery
Country: Canada
Timeframe: August 2011 to March 2012
https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/public-sector/ca-en-dttl-ps-reducing-cost-increasing-efficiency-case-study.PDF
Development of a Cost Effective Supply Chain
Framework for a Construction Equipment
Manufacturer
Updated 1 August 2016, 11 Dec 2011
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