Cost

Abstract

In engineering language, cost is a figure of merit. High cost is bad; and low cost is good. Cost is a common denominator of value and is usually expressed as money, which is the common medium of exchange. For engineer, it is his responsibility to reduce cost; in almost every case his employers want him to do so. Anyone can make a product a little cheaper and a little worse. Anyone can also make it a little better but a little more expensive. The engineer's challenge is to make it just as good or better and a little cheaper too. This is an ongoing struggle for two-way winners. There is as much professional challenge in cost reduction as there is in making the product work in the first place.