4.3.2 - Cost Reduction
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Practice Questions
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What is cost reduction?
💡 Hint: Think about how companies save money.
Name one way automation helps reduce costs.
💡 Hint: Who usually gets paid wages?
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does automation do to labor costs?
💡 Hint: Think about who gets replaced by machines.
True or False: Automation can enhance operational efficiency by reducing errors.
💡 Hint: Remember how errors lead to costs.
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Challenge Problems
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Evaluate the impact of automation on a specific industry, such as manufacturing or retail, and provide examples of cost savings.
💡 Hint: Consider both savings on wages and materials.
Analyze a case where a company failed to automate and the financial implications of that decision.
💡 Hint: Think about how being 'stuck in the past' affects operations.
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