How Is Cost Reduction Used to Create New Products

question 105

Essay

How is cost reduction used to create new products?

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Definitions:

Costs of Quality

The expenses associated with preventing, detecting, and correcting defective work, categorised into prevention costs, appraisal costs, and failure costs.

ISO 14000

A series of environmental management standards established by the International Organization for Standardization (ISO).

Source Inspection

Quality control methodology where components or materials are inspected at the supplier's site before shipment to the manufacturer.

Employee Empowerment

The practice of giving employees the autonomy, resources, and skills to make decisions within their roles, aiming to improve satisfaction and productivity.