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Tag Archives | cost management

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Target Costing: An Effective Approach to Pricing Products

Cost-based Pricing is fast becoming a relic of the past and being substituted by the concept of Target Costing.  Target Costing is referred to as an organized process to determine the cost at which a proposed product must be developed so as to generate profits at the product’s anticipated selling price in future. In highly […]

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To Survive COVID-19, We Need to Manage the 3 Cs – Costs, Capital, and Cash Flow

The entire world is facing the same crisis right now.  As of the morning of April 2nd, there are close to 1MM Coronavirus cases worldwide, of which 75% are active cases.  For almost all countries, the case growth is still growing exponentially on a day-to-day basis. With entire nations under lock-down, many industries and businesses […]

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Strategic Cost Reduction Primer: A Systematic Approach to Transforming Costs

Cost Optimization Programs are hard to manage, sustain, and often tend to fall short of delivering the promised value.  The failure could be attributed to many reasons—including lack of clearly delineated objectives, failure to account for operational difficulties, internal resistance to change, trying to cut corners from everywhere, not paying attention to planning optimal utilization […]

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operations management

Flevy’s Definitive Guide to Operations

This is a guide to navigating Flevy to find the documents and other resources you need related to Business Operations.  “Operations” is a broad, vague term. It can convey a lot of different meanings to different people. If you don’t find what you are looking for in this article, please email us at [email protected] First, a very […]

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Effectively Controlling Your Business’s Costs? 5 Frameworks on Cost Management

Managing and reducing costs is a critical for any organization’s survival. It’s a prerequisite for staying competitive. Below are 5 frameworks used by management consulting firms specializing in Cost Management. They cover initiatives that range from department-specific to enterprise-wide. Cost Reduction Opportunities (across Value Chain) https://flevy.com/browse/business-document/cost-reduction-204 This document identifies 45 cost reduction initiatives across the […]

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Eliminate Non-Value Added Activities in Your Organization

Recession or boom, companies need to sharpen their competitive edge by applying Lean Management principles to cost reduction—that is, the elimination of non-value-added activities or waste in the value stream processes. Be Lean In the Lean Management philosophy, all activities in an organization are grouped into two categories: value-added (VA) activities, and non-value-added (NVA) activities. […]

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