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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13 Modules to Maximize Performance Improvement and Cost Reduction
Lance Latham is an executive with expertise in Operations Management and Process Improvement. Regardless of company size or business arena, Lance consistently demonstrated that the same management methods that raise output quality, increase productivity and efficiency, and drive down operational costs in one environment are equally effective when applied in another. He’s a developed a […]
With Proper Value Analysis, Cost Reduction Is Guaranteed
What is Value Analysis? It is an orderly and creative method to increase the value of an item. This “item” can be a product, a system, a process, a procedure, a plan, a machine, equipment, tool , a service or a method of working. Value Analysis, also called Functional Analysis, was created by L.D. Miles […]
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. […]
