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Total cost minimization - Essay Example

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Undergraduate
Author : agrimes
Essay
Macro & Microeconomics
Pages 3 (753 words)

Summary

This essay paper provides a detailed discussion about information gathering, individual and teamwork, written communication skills, communication tools, professionalism, relationship, economics and project management in relation to Ford Company and its bid to minimize its total cost …

Extract of sample
Total cost minimization

This essay paper provides a detailed discussion about information gathering, individual and teamwork, written communication skills, communication tools, professionalism, relationship, economics and project management in relation to Ford Company and its bid to minimize its total cost Information gathering It has been necessary for Ford to conduct an internal investigation and gather information. The investigations have been to assess performance levels, safety concerns, employee misconduct, harm to property, sexual harassment, attitude, employee capability, and theft cases. Internal investigations are done to resolve challenges or avoid moral hazards. This has helped Ford company avoid substantial legal and financial costs. A poorly done internal investigation could lead to negative effects such as negative publicity, distraction of employees from their work, a leeway to moral hazards among employees and negative impact on employee morale. These negative effects will create unnecessary costs. The company has been thorough when it comes to internal investigation and corrective measures, and has managed to reduce the costs related to the mentioned effects. Prior to engaging in any investigation, the technical team select among the alternatives methods, the cheapest and most effective, to reduce costs involve (Banham, Russ & Newman 24) 6. Individual and teamwork 6b. Individual and teamwork Working as an individual is beneficial amongst few persons who are productive when doing a task as an individual. ...
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