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How to Exercise Control Over Cost of Materials?

Material cost is a main component in the total cost of the product (varying from 25 to 70%). Therefore, in order to control the cost, it is necessary to pay maximum attention for controlling material cost in following way: Way # 1. Control Over Abnormal Losses: These are avoidable losses and are wastage which should […]

Saving of Cost: 8 Areas | Cost Control

Following are some of the areas, in which saving can be done as discussed: 1. Materials 2. Machinability 3. Tolerances 4. Fewer Parts 5. Tool Design 6. Make or Buy 7. Increase Productivity 8. Distribution System. Area # 1. Materials: In order to reduce the cost of the product, materials of lower or different quality […]

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