Unlocking the Potential of Industrial Engineering in Cost Optimization

Authors

  • R. Jayaram Professor IFMR GSB (Krea University), Sri City
  • G. Balasubramanian Senior Professor and Advisor IFMR GSB (Krea University), Sri City

Keywords:

No Keywords.

Abstract

Industrial engineering involves application of engineering principles and techniques of scientific management to ensure high levels of productivity at optimum cost in industrial enterprises.

Industrial engineers (IEs) work on productivity improvement and this has to lead to decreased cost at the unit level for activities and in turn for the products that are consumed in these activities. The ultimate proof of productivity improvement is reduced costs reflected in the reported unit cost of products.

IEs must be able to identify and target areas that would yield the greatest in terms of cost savings. They should be able to visualize the consequences of their current action clearly and also check whether it has yielded the desired results in terms of cost savings.

This article outlines the areas for IEs to focus upon to achieve real and permanent reduction of cost.

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Published

2024-11-13

How to Cite

Jayaram, R., & Balasubramanian, G. (2024). Unlocking the Potential of Industrial Engineering in Cost Optimization. The Management Accountant Journal, 59(9), 93–96. Retrieved from https://icmai-rnj.in/index.php/maj/article/view/173695

Issue

Section

Cost Optimization Technique

References

Peter B.B. Turney - Common Cents – How to succeed with Activity based costing and Activity based management (Tata McGraw Hill – 2005 Edition)

Richard E. Westney P.E - The Engineer’s Cost Handbook (Marcel Decker Inc, 1997)

Taiichi Ohno - Workplace Management Special 100th Birthday Edition, 2013 (Mechanical Engineering)

www.leanproduction.com

https://www.twi-global.com/technical-knowledge/faqs/what-is-industrial-engineering

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