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Optimization

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Accounting

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Arkansas State University - Newport

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Running head: COST OPTIMIZATION 1

Cost Optimization

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COST OPTIMIZATION 2

Cost Optimization

Meaning of the term optimization

Optimization can be defined as finding an alternative with the most cost-effective

approach, and also a high achievement approach has given constraints at any given juncture. The

goal of an optimized approach ensures that the concerned party maximizes the benefits while at

the same time minimizing the cost of a particular item, let's say production. Linear programming

comes out as the best procedure applied by business models and also computer simulation

techniques to carry out optimization practices (Aminbakhsh & Sonmez, 2016).

Applications of optimization in cost operation management

Cost optimization in the modern age involves organizations teaching a mix of IT and

business models in a bid to improve operational performance and related activities at any given

level. Several applicable cases can get referenced when getting the optimized cost operation

approach. First of all, the optimization fete enables businesses to adopt a continuous learning

culture. It is vital to note that organizations must become flexible to maximize their profits while

minimizing costs. One can never say that they maintain the status quo and thus affect the way

they do things and get on with the mentioned techniques and operations at any given juncture.

CIO's and business leaders must strive to work on lean projects to improve operational models,

thus get the best out of the organization at any particular level.

Another application of the optimal cost production strategy points to an enabling and

prompt customer service plan. Today, customers form the bulk of the business activities. It is

thus vital that they get value for their money by quickly handling their demands and, while doing

so, execute it smoothly and with perfection. Strategies need to get established, which will

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Running head: COST OPTIMIZATION 1 Cost Optimization Name Course Professor Date COST OPTIMIZATION 2 Cost Optimization Meaning of the term optimization Optimization can be defined as finding an alternative with the most cost-effective approach, and also a high achievement approach has given constraints at any given juncture. The goal of an optimized approach ensures that the concerned party maximizes the benefits while at the same time minimizing the cost of a particular item, let's say production. Linear programming comes out as the best procedure applied by business models and also computer simulation techniques to carry out optimization practices (Aminbakhsh & Sonmez, 2016). Applications of optimization in cost operation management Cost optimization in the modern age involves organizations teaching a mix of IT and business models in a bid to improve operational performance and related activities at any given level. Several applicable cases can get referenced when getting the optimized cost operation approach. First of all, the optimization fete enables businesses to adopt a continuous learning culture. It is vital to note that organizations must become flexible to maximize their profits while minimizing costs. One can never say that they maintain the status quo and thus affect the way they do things and get on with the mentioned techniques and operations at any given juncture. CIO's and business leaders must strive to work on lean projects to improve operational models ...
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Tags: cost & price analysis