Cost management is the most important in all manufacturing industries. Even Sugar industry also requires effective cost management techniques to reduce the cost of manufacturing. We use following techniques of cost management. i.e. Just in Time Approach, Material Requirement Planning (MRP), Enterprise Resource Planning, (ERP), Activity Based Costing, Activity Based Management (ABC, ABM), Total Quality Management (TQM), Value Chain Analysis, Target Costing, and Life Cycle Costing with the help of the above techniques. We study how to minimize the cost of production and what are the best ways to apply these techniques to achieve targeted goal of sugar industry?
Cost Management, MRP, ERP, ABC, ABM, TQM, and Target Costing
