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Every decision in the product development process affects cost: design is typically considered to account for 70–80% of the final cost of a project such as an engineering project [1] or the construction of a building. [2] In the public sector, cost reduction programs can be used where income is reduced or to reduce debt levels. [3]
This may counteract (to some extent) the reduction in use from improved efficiency. Additionally, improved efficiency increases real incomes and accelerates economic growth, further increasing the demand for resources. The Jevons paradox occurs when the effect from increased demand predominates, and the improved efficiency results in a faster ...
DFM describes the process of designing or engineering a product in order to facilitate the manufacturing process in order to reduce its manufacturing costs. DFM will allow potential problems to be fixed in the design phase which is the least expensive place to address them.
Figure 1: Comparative Costs and Production Volumes For Processing of Plastics. The economics of plastics processing is determined by the type of process.Plastics can be processed with the following methods: machining, compression molding, transfer molding, injection molding, extrusion, rotational molding, blow molding, thermoforming, casting, forging, and foam molding.
Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use of division of labor. [2] Diseconomies of scale are the ...
A fishbone diagram is a graphical means for finding possible problems in a chain of processes. By collecting the different data related to the problem, and inputting them into the diagram, it becomes easier to analyze the data in the order it is used, and hence determine the root of the problem. This is commonly used to find the bottleneck in a ...
The Inflation Reduction Act has sparked a manufacturing boom across the U.S., mobilizing tens of billions of dollars of investment, particularly in rural communities in need of economic development.
In his original paper on the cost disease, Baumol argued that in the long run the cost disease implies a reduction in aggregate productivity growth and correspondingly a reduction in economic growth. [9] This follows straightforwardly from the labor distribution effects of the cost disease. As a larger and larger share of the workforce moves ...