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The gift of Repeat Benefits of:

The Cost Reduction Locator: Four Steps to Measurable Results!

The Four Steps to Measurable Results are as follows:

1.) Data Collection

2.) Analysis

3.) Identify/Recommend Solutions

4.) Execute Solutions & specify/document Measurable Results

You can utilize the Cost Reduction Locator which is described by using these four steps is as follows:

Data Collection:

Collecting Data is to convert the overall project into specific questions. As an example, one of the questions would be, “What is the overall project?” Under that you might say, “What are the specific components of the project?”  After you’ve identified the specific questions, the next thing you do is as follows:

1.) Conduct Interviews

2.) Retrieve Relevant Documentation

3.) Perform Necessary Observations

Analysis:

Under analysis, the first thing is to determine that data collection is both reliable and relevant. 

Working on the cost of a specific profit center, something is relevant if it’s specifically costs of that profits center.  If it’s a cost of another profit center it’s not relevant. If it’s got some component with something other than costs, or some other profit center, those are examples of something that’s not relevant. 

Also, the data collected must be reliable.

Reliability can include confirming data with a second source or confirming the data with other documentation. 

Each data point must be both reliable and relevant to your specific questions. 

Analyze relevant and reliable data which only satisfies project requirements. 

For example, if you’re dealing with costs, maybe looking for cost and efficiencies, you look at the unit and you look at the units used to see if there is an opportunity here to identify inefficiency.  If you’re looking at chemicals you look at the chemical type that’s used versus the chemical type that’s required for that particular task.  It could very well be that on the cost side of those inefficient costs; it could very well be on the chemical side it could be an inefficient chemical.  The only way that you can actually complete this is to have an understanding of the subject matter.  If you don’t have an understanding of the subject matter, you cannot satisfy this part of the task.  This is where experience of the overall task requirements is necessary.  That’s the analysis.

Identify/Recommend Solutions:

The third step is to identify and recommend solutions. Start out by taking this data comparison aspect of the analysis and then identify those inefficiencies which then can be specific solutions.  Go through the data collection, go through the analysis and then based on that identify the sources for solutions and put those solutions in specific items.  Is it one solution? Is it multiple solutions? Identify solution or solutions, then  develop the recommendation by documenting and communicating other solutions to the relevant decision makers.

Execute Solutions & specify/document Measurable Results:

The fourth step to the cost reduction locator is to execute the solutions and specify/document measurable results.  The first thing is develop, communicate train and implement procedures for each solution. With one solution, there is one set of procedures. With multiple solutions, there are multiple sets of procedures.  This is part of the documentation and can always go back to the steps to be specific with justifications.  Of course, the final aspect of this executing and specifying/documenting is to document the measurable results.  Track the execution of these procedures of each solution and by tracking it, actual are documented results. 

This Cost Reduction Locator of Measurable Results is reported to the decision makers.

The home of the Cost Reduction Locator is www.WastewaterAnswers.com which was created and is operated by Wastewater Dan-866-815-7819.