Society of Manufacturing Engineers: Lowest Lifecycle Costs vs. Lowest Price
June 06, 2020
June 06, 2020
DEARBORN, Michigan, June 6 -- The Society of Manufacturing Engineers issued the following news:
For manufacturers overseeing major capital investments, understanding the true cost of a product or service can be difficult. This is probably why most prefer to simplify their purchasing decisions by basing it on the bottom-line price alone. While this approach theoretically makes sense--a dollar saved is a dollar more tomorrow--it fosters a problem. It fails to account for the total cos . . .
For manufacturers overseeing major capital investments, understanding the true cost of a product or service can be difficult. This is probably why most prefer to simplify their purchasing decisions by basing it on the bottom-line price alone. While this approach theoretically makes sense--a dollar saved is a dollar more tomorrow--it fosters a problem. It fails to account for the total cos . . .