The Hindu Business Line : Stress on cost control systems

VISAKHAPATNAM: The importance of cost control systems and techniques cannot be overemphasised in the present competitive market and the industry should make all efforts to cut costs, said the Chairman and Managing Director of the Hindusthan Shipyard Ltd, Rear-Admiral Ajit Tewari . He was inaugurating a seminar on `Cost management in industry' organised here on Sunday by the Visakhapatnam chapter of the Institute of Cost and Works Accountants of India (ICWA).

He said the cost plus approach in fixing the prices of products and services was no longer valid and no effort should be spared in cutting costs.

Mr. S. Satyananda Rao, Chairman of the chapter, and Mr. D. Ramana Murthy, Secretary, and several others explained the concept of total cost management and ways to reduce costs.

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