Question

Find a solution to the problem that goes beyond just minimizing cost. Prepare a short write-up that describes the process you went through to find your solution and that justifies why you think it is a good solution.

Answer 1

While cost minimisation is a major issue when a business is concerned, there are some problems beyond this like production problems or other problems related to supply chain. These problems create equal damage to that of increased costs if not handled properly. For example an entire lot we produced is rejected by the customer saying that it is not as per dimensions it is a total waste of raw material and time and we will have to reproduce it. In these situations even the cost will be doubled and is a huge loss for the company . We can reduce this by double checking every thing before production and the team working on it must be alert all the time during production. Proper pre planning will help us in producing the material correctly and hence all this issue can be avoided. This is a good solution because it saves time, production and cost.