The Way To Look At It.

There are 2 different perspectives to look at towards choosing practical approaches that any business unit managers can rely on in making strategic decisions in propelling their organizations to triumph.
Among those 2 which have been listed below, the latter perspective i.e., perspective # 2, undoubtedly outweighs the former.
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Perspective 1: Old school of thought

All stakeholders of an organization irrespective of indirectly or directly involved in producing profitable products and services are accountable to deliver them on time to contracted customers.
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Perspective 2 : Reformed new school of thought.

All stakeholders of an organization irrespective of indirectly or directly involved in producing profitable products and services are accountable to deliver them to customers on time at the lowest cost possible.

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At the 'lowest cost possible' mentioned above draws to the 'efficient production' of products and services all business managers undertake in fulfilling customers requirement.
Some connect it to the concept of Lean Management. In any cases, the final outcome is where a unit of goods and services are manufactured and produced at the lowest cost of direct labour, direct material and overheads.
There are surprisingly many manufacturing organizations somehow omitted this vital thoughts in their everyday quest to meet shipment dateline.

The primary challenge particularly in relation to producing lowest cost of products and services is to think of some variant of measuring tools to identify and measure all pertaining risk that could derail the effectiveness of workfloor activities. Only then, after knowing the factors that influence the effectiveness of activities, we can then proceed to measure and take necessary procedures to mitigate the risk.

I list below two analysing tools, commonly used to mitigate production cost risk. They are:-

1. Work rate loss Analysis 
2. Productivity Measurement Analysis.

A sample of work rate loss analysis chart can be seen here
A sample of Productivity Measurement Analysis chart can be seen here