The World Today

It all started with just one man, a small repair shop and an insistence on delivering quality that still endures today.This is the story of Chung Ju-Yung. Born the son of a peasant farmer, Mr Ju-Yung launched Hyundai in 1947 at the age of 32. At first it was a small vehicle repair shop. Then it grew, and became the Hyundai Auto Service Centre. 20 years later, Hyundai vehicle assembly was born. The Pony hatchback soon followed, and today, Hyundai is the fifth largest car manufacturer in the world. The Hyundai Atos (also known as Santro) is a city car produced by the Hyundai. The original Atos was introduced in 1997. It uses the G4HC Epsilon straight-4 engine. The mkII version comes with a 1086 cc G4HG engine. Santro was launched in Pakistan in the Year 2000 and was a huge success due to many of its economical features. The first generation (1997-2000) Santro was introduced in 1997. It is fitted with a 999cc engine and has a top speed of 90 mph (145 km/h). It was succeeded by a...

What is cost? Cost plays a very important role in the profits of any business. If a business manages cost it can enhance its profit margin. As we are focusing on the cost of production of the goods, therefore in this context we can define cost as the money spent on the manufacturing or production of the goods. We can say that cost is the monetary evaluation of effort, material and resources. Cost includes the direct material cost, direct labor cost and factory overheads (FOH). In order to increase the profit and survive in the market, a company needs to reduce its cost. One thing is for sure, if a company is able to reduce its cost then there is a great chance of its success. Actually the concept of cost control is different from cost reduction. Cost control point towards the exercise in constraint. While on the other hand the cost reduction refers to the process of reducing expenses that are high. So controlling cost is different from reducing cost. Our main ...