Total Cost Minimization : The Goal Of Achieving Efficiency

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Total Cost Minimization In our world, everyone wants to be as efficient as possible. It is in human nature that we would rather prefer less work then more. Moreover, this in fact gives birth to achieve results in the least amount of time by using the minimal amount of effort needed. Thus, balancing time, effort and our resources become a necessity when completing any task in life. Using the equation output over input, this equals total performance. By completing a task while consuming the least amount of resources, is the meaning behind efficiency. Consequently, our economy, society and life today as we know it is completely based on the goal of achieving efficiency. Therefore, the meaning of efficiently can be defined as the…show more content…
For instance, this technique was created by Sakichi Toyota after World War II when the Japanese company Toyota was only producing a thousand cars a month while the American company Ford easily produced that many cars in a day. Sakichi innovative mind is a factor in Japan’s economy rising after the recession after the war. Another way to minimize total costs that engineers use is the advance in technology to further increase our capability. With the new technology that is used today, we are encouraged to use our time wisely in accordance with the robots we now work with. For example, in a factory in Alabama, they use many robots to manufacture cars in an assembly line. Also, they use about thirty-two cameras to take a picture of the area and insert the part of the car needed with incredible amounts of precision and accuracy. Although, the robots that are programed by engineers may not function as quick as humans or learn to adjust to a situation as well but they will work a constant rate and always at their full potential. In the same way, robots are especially useful for machinery jobs that involve repetitive movement, which saves money needed to pay for an excess amount of workers. Consequently, with too many workers involved, productivity decreases and this is due to the ratio of amount paid to each worker to amount of work done is not equal. Nevertheless, technology further advancing allows

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