Discuss the major difference between cost-reduction and cost-avoidance measures.
Discuss the major difference between cost-reduction and cost-avoidance measures.
For any business, whether it is manufacturing or service, the new entrant, or existing, the priority factor for achieving success is the approach of controlling cost. Everything in business revolves around cost. Cost is involved in purchasing the material or installing a new process or machinery. Cost is also spent in providing for the 24x7 power consumption in work cells. Hiring the workforce and providing the workforce. There are many levels where the cost is getting incurred. It is up to the business to find out where it can save as much cost as possible to save that cost for future investable opportunities and projects.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
