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.
- 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
- 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