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Industrial Engineering - Essay Example
The industrial engineering has positively changed and improved the human life in the past 100 years or so. It has inspired the human brain to creatively invent new ways of converting raw materials into products which have made a positive difference in our lives…
The properties of raw materials can vary greatly and it depend upon the availability (season and storage) of raw material. Todd et al claims that various raw materials can be similar to each other in their correlation, and differ in the inflation rate depend upon the demand and availability. The investors probably oil and gold are among the most sought after raw materials. To bring a little light into the darkness, we want to give below an overview of the various types of raw materials.
We know that to make a company more profitable is to increase the sales price, but to manage cost efficiently, which ultimately depend the final value of the product. In addition, Degarmo et al argue that the cost and quality of the final product depends largely on raw material. Raw material are a part of the most important aspects of a company and the their cost. So the way forward is to be more efficient in managing costs. ...