The following tools and techniques are used to reduce costs:

●      Budgetary Control

●      Standard Costing

●      Simplification and Variety Reduction

●      Planning and Control of Finance

●      Cost Benefit Analysis

●      Value Analysis

●      Contribution Analysis

●      Job Evaluation and Merit Rating

●      Improvement in Design

●      Material Control

●      Labor Control

●      Overhead Control

●      Market Research