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KAIZEN COSTING
Kaizen costing is a process that aims to continuously reduce costs even after a product reaches the production stage. It involves strategies like effective waste management, continuous product improvement, and negotiating better deals for raw materials. The 5S methodology is a pillar of Kaizen that involves sorting, setting in order, shining, standardizing, and sustaining processes. Kaizen requires a permanent commitment from all levels of an organization as it is a philosophy of continuous improvement rather than a temporary process.
