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Costs and Pricing Analysis Discussion

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Economics

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Running head: ANALYZE COSTS AND PRICING 1

Analyze Costs and Pricing

Student’s Name

Institutional Affiliation

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ANALYZE COSTS AND PRICING 2

Discuss and analyze the preventive approach to reduce costs

A preventive technique is a valuable response that can be utilized so as to improve cost

reduction. Normally, prevention is better than cure, and as a result, preventive techniques are

important during cost reduction. This is due to the fact that they assist the company make

preceding arrangements and detection of the predominant condition and, at the same time, carry

out proper planning too. Different methodologies can be employed and become effective in the

preventive techniques of cost reduction.

Early detection and Monitoring

Early detection and engaging in a monitoring process play an important function in

making sure that a problem is perceived and recognized at an initial stage. Many company’s fail

to succeed in cost reduction since many of their problems are perceived during late strategies the

moment huge damages have already been incurred (Ericson & Starc, 2015). This, therefore,

makes brainstorming faster solutions practically impossible and even minimizes additional costs

and losses. If the required Monitoring is carried out from the beginning of a project, detection

can be made during the early stages of different factors associated with production that raises the

general costs. For instance, the costs of marketing may increase sharply. As a result, companies

can incur losses as they launch a new product. Initial Monitoring and detection will, however, be

of great significance in affirming that these kinds of deviations from the original plan are

promptly seen as perceived and solved.

Forecasting and real-time information.

Companies that are adaptable and heavily flexible to the present realities of the market

are most likely to use this technique as a preventive measure in cost reduction. There is a high

level of unpredictability in the market and keeps on changing. Organizations can, therefore, bear

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Running head: ANALYZE COSTS AND PRICING Analyze Costs and Pricing Student’s Name Institutional Affiliation 1 ANALYZE COSTS AND PRICING 2 Discuss and analyze the preventive approach to reduce costs A preventive technique is a valuable response that can be utilized so as to improve cost reduction. Normally, prevention is better than cure, and as a result, preventive techniques are important during cost reduction. This is due to the fact that they assist the company make preceding arrangements and detection of the predominant condition and, at the same time, carry out proper planning too. Different methodologies can be employed and become effective in the preventive techniques of cost reduction. Early detection and Monitoring Early detection and engaging in a monitoring process play an important function in making sure that a problem is perceived and recognized at an initial stage. Many company’s fail to succeed in cost reduction since many of their problems are perceived during late strategies the moment huge damages have already been incurred (Ericson & Starc, 2015). This, therefore, makes brainstorming faster solutions practically impossible and even minimizes additional costs and losses. If the required Monitoring is carried out from the beginning of a project, detection can be made during the early stages of different factors associated with production that raises the general costs. For instance, the costs of marketing may increase sharply. As a result, companies ...
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Tags: Technology and Nursing Informatics advanced practice preventive technique Cost Reduction Early detection and Monitoring