Industrial competitiveness : Cost reduction
The objectives of industrial management are: - Implementation of the policy adopted by the owners or the board of directors - Optimum return on investment - Efficient utilization of Men, Machine and Money. In other words, industry must make profit. Manufacturing represents only one aspect of the activities of industrial management. Present-day manufacturing methodology does not consider making profit as their primary objective. The manufacturing process requires the knowledge of many disciplines, such as design, process planning, costing, marketing, sales, customer relations, costing, purchasing, bookkeeping, inventory control, material handling, shipping, and so on.
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