Analysis of tools and techniques of cost management in manufacturing Industries thesis

Abstract

In the present day highly competitive and rapidly changing environment of business, it newlineis very crucial that Indian Industries be in position to reduce the cost of production and improve newlineproductivity in various operations. Due to massive reforms in terms of liberalization, newlineprivatization and globalization, the level of competition from domestic and international newlinebusiness has increased tremendously. In this highly competitive environment of business, profit newlineof any business organization cannot be increased merely by increasing the selling price. newlineTherefore to improve profit and profitability, Cost Management in the form of cost control and newlinecost reduction is the only remedy for industries engaged in manufacture and sale of product. newlineCost reduction is done with the objective of producing goods at minimum cost without newlinecompromising the quality of products. It is aimed at developing a system in which non newlineproductive activates are minimized and efficiency of various factors is enhanced. Effective cost newlinereduction ultimately results into increase in profitability and profit. newline