Cost reduction is the process used by companies to reduce their costs and increase their profits. Depending on a company’s services or product, the strategies can vary. Every decision in the product development process affects cost. Companies typically launch a new product without focusing too much on cost.
Generally, speaking, cost reductions come in two different categories: cost savings and cost avoidance.” The report admits that neither of these types of cost reductions has universally accepted definitions or methods by which it is tracked and applied to a business enterprise's financials.....
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