Bangladesh Garment Industry Revolutionizes Cost Minimization with New Analysis.
The study used a mathematical model called the Cobb-Douglas production function to figure out how to minimize costs in the garments industry in Bangladesh. By analyzing the relationship between inputs like capital and labor, the researchers found ways to produce garments at the lowest cost possible. They used a technique called Lagrange multiplier to help with this analysis. The goal was to show how statistical analysis can help predict cost-saving strategies in the garment sector.