IMPLEMENTATION OF COST OPTIMIZATION TOOLS: A CASE STUDY

IMPLEMENTATION OF COST OPTIMIZATION TOOLS: A CASE STUDY

Yash G. Chikhalkar1, Prathmesh Bahirkar2, Karan Chimote3, Ekanath Meshram4, Dr. R. S. Dalu5

1B. Tech Student, Mechanical Engineering Department, Govt. College of Engineering, Amravati

2B. Tech Student, Mechanical Engineering Department, Govt. College of Engineering, Amravati

3B. Tech Student, Mechanical Engineering Department, Govt. College of Engineering, Amravati

4B. Tech Student, Mechanical Engineering Department, Govt. College of Engineering, Amravati

5Professor and Head, Mechanical Engineering Department, Govt. College of Engineering, Amravati

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Abstract - In today’s competitive environment for growth and sustainability, organizations need to adopt scientific approach and cost optimization tools for managing business. This paper explores the applications of cost optimization tools in reducing costs and improving profitability in businesses. A case study of an agro implements manufacturing plants is presented. It includes the implementation of various techniques such as forecasting, Economic Order Quantity (EOQ), ABC analysis and Assembly line balancing. The methodology used in the case study involve collecting and analyzing data manually or using software systems whenever possible, and testing different scenarios to identify the most effective solutions. The findings suggest that cost optimization strategies can lead to significant cost savings and improved profitability. This paper highlights the importance and need of cost optimization tools in improving business processes and productivity.

Key Words:  – Inventory management, Forecasting, Assembly line, Cost optimization.