Some techniques of production that can influence cost include the choice of technology, the scale of production, and the efficiency of the production process. The choice of technology can significantly impact the cost as different technologies have different levels of efficiency and require different amounts of resources. The scale of production can also influence cost as larger scales often allow for economies of scale, which can reduce the cost per unit. Lastly, the efficiency of the production process can influence cost as more efficient processes can reduce waste and improve productivity, thereby reducing costs.
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Maximize profitability with our Cost Management presentation. This deck includes frameworks and charts that take both internal and external factors in...
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Use this slide to list all cost determinants for the project. Although determinants vary from organization to organization, they depend on two main factors: The Quantities of Resources and Combinations and Techniques of Productions. High costs most likely prevent your team from achieving goals, thus, identifying obvious and hidden causes for inefficient costs is crucial. Use this slide to discuss causes for high costs and introduce elimination solutions. With this slide, introduce cost reduction potential and propose strategies for savings. These can include: bartering with other businesses, monetizing marketing methods, sponsoring your events and introducing four-day work week.
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