Cost Reduction & Continual Improvement

Background:

A Cost Reduction Plan is expected to achieve results that flow to the bottom line of the financial statement without causing damage to the organization itself. A good Cost Reduction Plan is as much about damage control as it is about cutting costs. An effective Cost Reduction Plan should result from management planning, a thorough understanding of areas where cost incurred is high, profitability and a desire to satisfy customers.

Cost Reduction Plan may be implemented through Continual Improvement Plan, which should be a thoughtful plan of action with employees that are involved in the process.

Duration

2 Days

Content

  •   Overview of Costs for maintaining Quality ( Cost of Quality)
  •   Understanding MURA
  •   Process Mapping
  •   Identification of Cost of Quality
  •   Evaluation and Value Analysis of COQs
  •   Prioritization Matrices
  •   Identification of Continual Improvement Projects
  •   Development of Continual Improvement Plans
  •   Root Cause Analysis (Cause & Effect Diagram)
  •   Corrective & Preventive Actions
  •   Measurement of Improvements

Benefits

  •   Reduced costs
  •   Increased profitability
  •   Increased productivity
  •   Better work culture

Who should attend?

  •   Managers who are responsible for key results
  •   Employees who are to be future leaders/ managers