Monday, Oct 04, 2004
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Visakhapatnam
By Our Staff Reporter
VISAKHAPATNAM, OCT. 3. The Hindustan Shipyard Ltd (HSL) Chairman and Managing Director, Ajit Tewari, has said that the cost system in every industry should be effective in cutting down production/service cost. ``In these days of globalisation and competition from outside the world, it is necessary that an industry must be conscious and cost competitive.
Cost control techniques
Further awareness of employees in cost control techniques is also necessary to become cost competitive,'' he said after inaugurating a seminar on `Cost management in industry -- a vital need,' conducted by the city chapter of the Institute of Cost and Works Accountants of India (ICWAI) for the benefit of entrepreneurs. The Professional Development Committee chairman, G.S.R. Krishna Murthy, spoke on the important areas where fruitful assistance could be given to the management by the cost accountants such as producing and providing data for planning, operating and controlling business operation for achieving company objectives. He said through effective cost accounting, a company could achieve sound pricing policy for return on investment and cost reduction thereby eliminating uneconomic expenditure.
Management philosophy
The Chennai-based management consultant, A.N. Raman, explained about the concept of total cost management (TCM), which was gaining importance. He said it was a comprehensive management philosophy, for pro-actively manage the resources of the business by integrating it with strategic and operational aspects. The Confederation of Indian Industry (CII) senior counsellor, K.V. Mahidhar, the ICWAI central council member, M. Gopala Krishna and the local chapter chairman, S. Satyananada Rao, the Dredging Corporation of India (DCI) Director (Finance), A.K. Dhar, and others spoke.
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