i. Just In Time Systems (JIT):
Just In Time Systems is a production strategy that aims to improve a business’s return on investment by reducing in-process inventory and associated carrying costs. It involves producing the required items in the exact quantities needed and at the time they are needed. The main goals of JIT include eliminating non-value adding activities, achieving zero inventories, zero defects, zero breakdowns, batch sizes of one, 100% on-time delivery, and continuous improvement .

ii. Backflush Accounting:
Backflush accounting is a simplified costing method used in Just In Time production environments. It aims to eliminate detailed tracking of material flow through the production process. Instead, it assigns costs to finished goods and cost of sales based on the output of production, working backward to apply costs to goods sold and inventories without separately accounting for work-in-progress .

iii. Lifecycle Costing:
Lifecycle costing involves estimating and accumulating costs over a product’s entire lifecycle, from research and development through to the end-of-life disposal. It helps in determining whether the profit earned during the manufacturing phase will cover costs incurred during the pre- and post-manufacturing stages. This approach provides insights into managing total costs effectively and highlights areas for potential cost reduction .

iv. Cost Audit:
Cost audit is the verification of cost accounts and a check on the adherence to cost accounting plans. It ascertains the accuracy of cost accounting records to ensure that they are in compliance with cost accounting principles, plans, procedures, and objectives. It ensures that cost information is correctly used in managerial decision-making processes .

v. Value Engineering:
Value engineering, also known as value analysis, is a systematic and interdisciplinary examination of the factors affecting the cost of a product or service. It aims to achieve the specified purpose at the required quality and at the target cost by identifying designs that reduce cost without sacrificing functionality and by eliminating unnecessary functions that increase product costs for which customers are not prepared to pay extra.