DYNAMIC COST CONTROL METHOD IN PRODUCTION PROCESS AND ITS APPLICATION

Abstract This paper, by combining optimal control method with the famous advanced cost management experiences of Handan Steel & Iron Corporation, presents dynamic cost control method in production process. With the support of information technology, this cost control method emphasises real-time following material fluid and collecting cost data so as to implement on-line cost control. Furthermore, this method has been successfully applied in Handan Steel & Iron Corporation and has brought about remarkable benefits for the enterprise. Copyright © 2002 IFAC