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  • Understanding on the possibility of cost reduction in manufacturing process and also the supporting processes

COST REDUCTION TECHNIQUES

89259 06892

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Duration |  12 Hours (2hrs/day)

ELIGIBILITY:

  • Working professionals with Degree/Diploma, engaged in Manufacturing, Quality, R&D ,Engineering , procurement & storage, maintenance

  • Min of 2 years’ experience in industry

CERTIFICATION CRITERIA:

  • Attendance – 90% Min 

  • Post test assessment score – 70% Min

HIGHLIGHTS

  • Cost control & Cost reduction requirements explained with real time industry examples

  • Online exercise & online continuous assessments to keep the participants engaged in the sessions 

  • Participant feedback helps tweak the course content

CONTENTS

  • What is cost 

  • What value

  • What is cost control 

  • What is cost reduction

  • Difference between cost control & cost reduction

  • Overview of cost

  • Cost elements 

  • Fixed cost vs Variable cost

  • Material cost

  • Process cost (Conversion cost)

  • Packing & Logistics cost

  • Inventory cost

  • Overheads

  • Cost cutting vs Cost management, Necessity for cost management

  • Importance of design in cost management – Concept of ‘Design to cost’ – Value Engineering/Value Analysis (VA/VE) - DFMA

  • Mapping the current process including all sub and support processes along with process metrics

  • Describing resources - 4Ms  (Man , Machine, Methods, Material) for each process along with cost elements

  • Over view of Lean manufacturing,  7 Types of wastes affecting the cost and their elimination / reduction, Value stream mapping (VSM)

  • Strategies for cost management (Reduce Quality costs, Reduce cycle time, Eliminate Non-value adding activities, Eliminate waste)

  • Cost management by process stability – production levelling & synchronising and by optimizing the process.

  • Overview of TPM 16 Losses affecting Equipment efficiency and cost

  • Cost management in support processes (MTBF MTTR improvement, Prevention of equipment failures/Maintenance prevention, Spare parts management etc.)

  • Inventory cost management – RM, WIP, FG Inventory – Classification of inventory based on usage - Inventory turn ratio (ITR),  How ABC , EOQ, VED, KANBAN  helps in controlling inventory cost

  • Cost management for Maintenance – maintenance spare management to reduce inventory carrying cost

  •  Case studies & Discussion

OUTCOMES

By The End Of Course The Learner Will:

  • Understand the difference between cost reduction & cost cutting 

  • Understand the importance cost reduction

  • Understand the various factors involved in cost reduction

  • Be able implement cost reduction projects

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