Optimizing Product Cost in Supply Chain

Optimizing product cost through simulation modeling offers a powerful approach to enhancing cost efficiency and decision-making in product development and manufacturing. Simulation modeling allows businesses to create detailed virtual representations of their processes, enabling them to experiment with different scenarios and strategies without the risks associated with physical trials. Simulation modeling supports iterative testing and optimization, allowing for the refinement of product designs and manufacturing processes. Ultimately, this approach enhances the ability to make informed, data-driven decisions, leading to more effective cost management and improved profitability. This abstract highlights the value of simulation modeling in optimizing product cost, emphasizing its role in providing actionable insights and fostering strategic improvements.