Management Decisions for Reducing Cost

Feb 3rd, 2012
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Alabama State University
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Making management decisions with regard to cost production is a very delicate process. The departments involved in cost reduction would have to consider several, probabilistic and deterministic underlying factors in order to come to well-established solutions. The purpose of this paper is to make an analysis

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Management Decisions for Reducing Cost PaperCourse NameStudent's NameInstitutionManagement Decisions for Reducing CostMaking management decisions with regard to cost production is a very delicate process. The departments involved in cost reduction would have to consider several, probabilistic and deterministic underlying factors in order to come to well-established solutions. The purpose of this paper is to make an analysis of the important factors to consider before making any management decisions affecting cost reductions.When it comes to making production management decisions, it is important to always explore your options and compare. While foreign manufacturing in Mexico may often seem to cost less, it does not always cost less (Business, 2012).Before making the assumption that domestic production in the United States may be too expensive, it would prove more resourceful to consider several underlying factors, such as, freight expenses, customs and any import tariffs in the comparison.. I would therefore recommend production in a region that least affects overall profits by cutting into production expenses and any other overhead costs (Business, 2012).In light of foreign manufacturing, it is also crucial to understand that the quality of production is not undermined due to its relatively cheaper. Common knowledge from well-established research and statistics insist that he cheaper labor may only be due to the difference in economic capabilities of Mex

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