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  Cost Reduction Programme

Introduction to Cost Reduction Programme

Cost reduction programme aims at improvement of human efforts at all levels of the organisation which help in reducing costs. It may be a short-term or a long-term programme. A short-term programme is undertaken for sorting out immediate problems; e.g., a problem involving controlling wastages and inefficiencies in a certain department which are likely to push up the cost and reduce the profit margin. Long-term cost reduction programme involves major reduction in costs and may also require capital expenditure. It involves setting up of the target return on capital employed and developing a scheme for its achievement through various cost reduction measures.

Essential requisites for successful implementation

(i) There should be a divide cost reduction cell responsible for correct planning and implementation of the cost reduction programme.

(ii) There should be a well-organized system of management reporting at all levels of management.

(iii) The programme should comprise support from the top management. So It is a continuous process and should not be allowed to degenerate into a routine affair.

(iv) There should be close co-operation amongst dissimilar executives concerned along with the programme. Every departmental head should be provided a list of the areas in which he is supposed to affect economies in cost. Furthermore, he should also be encouraged to put forward his own suggestions for development.

(v) There should be standard follow-up to the plan and continuous appraisal of the programme carried out with the actual cost reduction performance.

(vi) The plan should not be restricted only to reducing costs but should also observe whether expenditure is really needed or not. In other words, there should be efforts to remove uneconomic and not necessary activities.

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