Product designs done without customer discovery can lead to very costly mistakes, like the one in the picture. April 24, 2015 By Surbhi S 1 Comment The two most important functions of cost accounting are cost control and cost reduction.
MeaningA technique used for maintaining the costs as per the set standards is known as Cost Control.A technique used to economize the unit cost without lowering the quality of the product is known as Cost Reduction. Cost Control is a process which focuses on controlling the total cost through competitive analysis. Cost Control involves a chain of functions, which starts from preparation of the budget in relation to the operation, thereafter evaluating the actual performance, next is to compute the variances between the actual cost & the budgeted cost and further, to find out the reasons for the same, finally to implement the necessary actions for correcting discrepancies. Cost Reduction is a process, aims at lowering the unit cost of a product manufactured or service rendered without affecting its quality by using new and improved methods and techniques.
Cost Reduction aims at cutting off the unnecessary expenses which occur during the production, storing, selling and distribution of the product.
Tools of cost reduction are Quality operation and research, Improvement in product design, Job evaluation & merit rating, variety reduction etc. Cost Control focuses on decreasing the total cost while cost reduction focuses on decreasing per unit cost of a product. Cost Control does not guarantee quality maintenance, however, 100% quality maintenance is assured in case of cost reduction. The two techniques cost control and cost reduction are used by many manufacturing concerns to diminish the cost of production. Cultural differences around the world have several advantages which are illustrated in this article.
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Cost Control is a technique which provides the necessary information to the management that actual costs are aligned with the budgeted costs or not. It is a practice which works to maintain the actual cost in accordance with the established norms. It is a continuous process as it helps in analyzing the causes for variances which control wastage of material, any embezzlement and so on.
The activity of decreasing per unit cost by applying new methods of production in such a way that it does not affect the quality of the product is known as cost reduction.
Conversely, the process of cost reduction has no visible end as it is a continuous process that targets for eliminating wasteful expenses. Cost Reduction has a larger scope than cost control as cost reduction is applicable for all the industries, but cost control is applicable only to the industries where pre- optimization of the cost which is not yet incurred is possible.

Have employees from different origins helps to be innovative, to answer the different needs of consumers, to have a creative dynamic, to share knowledge and find market opportunities.
Cost Reduction is a technique used to save the unit cost of the product without compromising its quality.
It ensures that the cost incurred on an operation should not go beyond the pre-determined cost. Cost Control works as a road map for the organization to incur costs as per the set standard. Too often founders do not anticipate the costs of development that come after the initial product building is complete. But you have to know what they are saying and glean from that the right truths about what your product should do. Searching far and wide for the most clever, original and classic college moments you’ll be telling yourself are so damn true. On the other hand, cost reduction challenges the established standards by decreasing the costs and increasing the profit. However, if the poster is intended solely for the artistic element, you will likely want the image to take up nearly the entire poster's space.Now you are ready to add text to the design.

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