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Difficulties in cost reduction
1) Resistance by employees to pressure to reduce cost usually because the nature and purpose of the campaign has not been properly explained to them and they feel threatened by the change
2) They may be confined to a small area the business 9e.g to one department) with the result that cost are reduced in one cost centre only to reappear as an extra cost in another cost centre;
3) Efforts to cut material and labor cost may erode confidence in established system for estimating material usage and labor productivity standards;
4) Cost reduction campaigns are often introduced as a rushed desperate measure instead of a carefully organized exercise.
STEPS OF DEVELOPING A COST ESTIMATING RELATIONSHIP Firmly speaking, a CER is not a quantitative method. It is a framework for using suitable quantitative methods to quantify a
ADVANTAGES OF "ABC ANALYSIS" The advantages derived from this analysis and its consequent follow up are summarized below: 1) Facilities selective control and thereby save va
engineering method of cost estimation
I only need the formulas in excel put in.
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