costing of parts and methods of cost reduction

Question

Accepted Answer

Costing of parts and cost reduction methods are crucial for effective vendor development.

Costing of parts involves analyzing the cost of raw materials, labor, and overhead expenses.
Cost reduction methods include negotiating with suppliers, optimizing production processes, and implementing lean manufacturing principles.
Regularly reviewing and updating cost estimates can help identify areas for improvement.
Collaborating with vendors to find mutually beneficial cost-saving solutions can also be effective.
Implementing value engineering techniques can help reduce costs without sacrificing quality.
Regularly benchmarking against industry standards can help identify areas for improvement.
Using technology to automate processes and reduce waste can also lead to cost savings.

Accepted Answer

Top Tafe Motors & Tractors Manager Vendor Development interview questions & answers