£1M P.A. potential savings through project participation
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This is traditionally set at 72 hours but the GSP showed that, in many circumstances, this time could be halved.
In response to a questionnaire concerning the financial benefits of consultancy and R&D at TWI the company tried to estimate the savings which might accrue from this reduction in delay time.
The company purchases about £160M worth of steel fabrication annually. Savings of approximately 1% in these costs could be derived from applying the lessons learnt in the GSP, so the savings might amount to about £1.6M. Whilst this
calculation is very approximate, it is clear that the savings can be very large. Cost of participation in the project was £17 000.
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