Cost engineering

order to maintain their current market share. Cheaper products, however, tend to forgo a lot of perks higher priced items may have. Poor design/appearance, shorter product-life, and poor customer service are examples of when a company starts to cut costs. Invacare must show how and why their products are just as good as before while keeping their good customer service reputation. In addition to this, Invacare should work with those who may have difficulty paying for their products. Offering…

Hospital Length of Stay Norma Valdez-Rosa South University Online March 8, 2016 Introduction Prolonged hospital length of stays can increase costs not only for the patient but more so for the hospital. A multidisciplinary approach to patient health care and discharge planning is very important to help with this financial burden. When discharge barriers are identified on admission or soon after, it will help in reducing unnecessary hospital length of stays. Article Reviews…

Freakonomics can be seen as the study of economics based on the principle of incentives. In the movie, Steven Levitt and Stephen Dubner gives multiple examples of how incentives govern our thoughts and actions and its role in economics. The first example explored was the unlikeliness of a house agent to wait to sell a client house for a higher price. The simple reason is the low incentive. If the agent was to wait another week to sell the house for a price that is only 10k higher, they would get…

1. Of the 10 values described in Schwartz's Value Theory, is there one or two that best describe your own personal values? Which one(s) and why? Can you point to how this value(s) has directly impacted a major decision or action you have taken in your life? The Schwartz’s value aligned with my personal values would be Self-Direction. Self-Direction is independent thought and action; choosing, creating, exploring, which are happenings I apply ongoing. Growing up, change was constant in my life…

Merlin: Knowledge and Power through the Ages. By Stephen Knight. Ithaca: Cornell University Press, 2009. xvii + 275 pages. $27.95 cloth. Merlin: Knowledge and Power through the Ages is an observation of Merlin and his different forms in the variety of literature written about him. In the books, films, poems, etc. written about him he is seen as a figure of knowledge. Knight follows the myth of Merlin and goes back to his earliest roots as the early Welsh figure of Myrddin. He traces the images…

Sunk costs exist at all levels of any business and should be excluded from the decision-making process. If the company is considering adding a deluxe Teen Burger priced one dollar higher and costing twenty-five cents more to produce, the cost of the building, and cooking equipment have already been incurred and do not need to be considered. This is of particular importance when a new restaurant, menu item, or other project has not performed as expected. At times, there can be an emotional…

concern of Onyx Exteriors. Other companies tried undercutting our prices to lure our customers and failed miserably. One competitor, Custom Gable Vents, tried to satisfy their customer’s demand for a cheaper gable vent by pricing their products near cost with no margin for shipping. After shipping many cheap vents (poorly slapped together) they lost many of their customers and almost went bankrupt. Unethical business practices are never used. Our prices are based on material, shipping,…

investment to increase the automation level for the Low End products, our company gained a cost leadership advantage in the beginning. This strategic advantage allowed us to win the highest market share by reducing prices without contribution margin declined. Erie appeared to be our strongest competitor in this segment since they also increased their automation level to ten at the very beginning, which means that the cost leadership advantage is not our dominated advantage leading us to earn…

A child is a true blessing for anyone although raising them is another story. Raising a child is a tremendous job entailing costs, ethics, responsibility and maintain a stable home environment. People need to remember a child is their responsibility from birth until they are eighteen years old which includes providing both necessities physical and psychological needs. The environment during upbringing is a tremendous influence on a child psychological state of mind and is displayed in actions as…

tomorrow. Some basic assumptions for intertemporal preferences are transitivity, consumer prefer more over less, and consumers can choose between two alternative streams (today versus tomorrow). A decision requires a trade off by the consumers between costs and benefits today and tomorrow. The more a consumer consumes today, the less saving he will have today which will result in less consumption tomorrow. When consumers make consumption decisions they have to take into account their future…