How could you reduce the cost of production by 10%?
I am also interested to know it’s answer. Please share it’s solution.
There are several ways to reduce production costs, such as
- Minimise rejections and process losses
- Increase the yield of product
- Reduce the time cycle of production processes
- Reduce the cost of raw materials without affecting quality
- Optimise the number of man-hours required in production
- Reduce manual operations and bring automation
- Upgrade technology, machines, equipment
- Increase efficiency of manpower through proper training for the operators
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