ISJ Theoretical & Applied Science 06(74) 2019

Philadelphia, USA

Umarkhodjayeva, M., Abdilhakimov, G., Davronov, H., & Ziyodullayev, S.

Optimal theoretical approaches of cost reduction in emerging markets.

Full Article: PDF

Scientific Object Identifier: http://s-o-i.org/1.1/TAS-06-74-30

DOI: https://dx.doi.org/10.15863/TAS.2019.06.74.30

Language: English

Citation: Umarkhodjayeva, M., Abdilhakimov, G., Davronov, H., & Ziyodullayev, S. (2019). Optimal theoretical approaches of cost reduction in emerging markets. ISJ Theoretical & Applied Science, 06 (74), 248-256. Soi: http://s-o-i.org/1.1/TAS-06-74-30 Doi: https://dx.doi.org/10.15863/TAS.2019.06.74.30

Pages: 248-256

Published: 30.06.2019

Abstract: In conditions of free competition, the price of products produced by enterprises (firms) is automatically leveled. It is affected by the laws of market pricing. At the same time, every entrepreneur seeks to obtain the highest possible profit. And here, in addition to the factors of increasing the volume of production, promoting it to unfilled markets, there is the problem of reducing the cost of production and sale of these products, reducing production costs. In the traditional view, the most important ways to reduce costs include the saving of all types of resources consumed in production — labor and material. Thus, a significant share in the structure of production costs is labor remuneration; therefore, the task of reducing the labor intensity of output, increasing productivity of labor, reducing the number of administrative staff is urgent.

Key words: economic sectors, cost reduction, cost management, innovative way of cost cutting.