Conclusion
The two techniques cost control and cost reduction are used by many manufacturing concerns to diminish the cost of production. Cost Reduction has a larger scope than cost control as cost reduction is applicable for all the industries, but cost control is applicable only to the industries where pre- optimization of the cost which is not yet incurred is possible. Cost Control works as a road map for the organization to incur costs as per the set standard. On the other hand, cost reduction challenges the established standards by decreasing the costs and increasing the profit.
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