We are all well-familiar with the term budget. Budgeting is a powerful tool that helps the…

The following tools and techniques are used to reduce costs: ●      Budgetary Control ●      Standard Costing ●      Simplification…

Cost reduction program should be run by purchasing economical and more useful material. Economic Order…

Cost reduction programs can be run using staff welfare measures and improving labor relation. Introduction…

Attention should be given to the following areas: ●      If there is any over-investment. ●      How much…

A number of fields come under the scope of cost reduction. They are discussed below.…

Followings are the essentials of a cost reduction program: ●      Cost reduction program should be according…

Cost reduction is to be understood as the achievement of real and permanent reduction in…

According to this concept, “we can book only those transactions in our accounting record which…

The following requirements are to be fulfilled to implement successful cost control: ●      A plan and…