The cost of producing components is made up of the raw material, and machining costs and factory overheads. In many machining operations the percentage of raw material utilized in the finished product is extremely low, and in these cases considerable savings can often be made by adopting metal forming or casting rather than metal cutting techniques. By using value analysis, which is an uninhibited approach to reducing product costs, drastic reductions can sometimes be obtained, by changing either the design or the manufacturing process, or both.
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