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A commonly quoted statistics is that 80-95% of the cost of a product is determined by its design and is therefore set before the item enters Manufacturing. This assumption suggests that the dominant focus of Cost Management should be during Product Development and not during Manufacturing.

However, contrary to a widely held assumption, companies can integrate a variety of Cost Management techniques not only in the Design phase, but throughout the Product Lifecycle. This is to ensure that there is substantial reduction in costs. In fact, companies competing aggressively on cost might consider the adoption of some form of an Integrated Cost Management program that spans the entire Product Lifecycle.

This framework captures the 5 Cost Management Strategies that companies can use to reduce costs and still attain the desired level of functionality and quality at the target costs.

1. Target Costing
2. Product-specific Kaizen Costing
3. General Kaizen Costing
4. Functional Group Management
5. Product Costing

Each of the 5 Cost Management Strategies plays a crucial role in the company's integrated approach to Cost Management. These 5 Cost Management Strategies can be applied throughout the Product Lifecycle with 1 technique during Product Design and the rest during Manufacturing.

This deck also includes slide templates for you to use in your own business presentations.

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Source: 5 Cost Management Strategies PowerPoint document

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5 Cost Management Strategies

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This business document is categorized under:

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File Type: PowerPoint (pptx)

Tag(s): Cost Reduction Cost Management Kaizen Product Lifecycle

Number of Slides: 24 (includes cover, transition slides)

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Upload date (first version): Apr 20, 2020

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