Modernmanufacturingfirmsusesophisticatedproductionsche

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Unformatted text preview: cost
 that
provides
value
to
the
owners/customers
 ♦ Is
driven
by
the
quest
for
continuous
improvement
in
all
operations
 ♦ Recognizes
 that
 everyone
 in
 the
 organization
 has
 owners/customers
 who
 are
 either
 internal
or
external
 ♦ Views
 an
 organization
 as
 an
 internal
 system
 with
 a
 common
 aim
 rather
 than
 as
 individual
departments
acting
to
maximize
their
own
performances
 ♦ Focuses
 on
 the
 way
 tasks
 are
 accomplished
 rather
 than
 simply
 what
 tasks
 are
 accomplished
 ♦ Emphasizes
teamwork
and
a
high
level
of
participation
by
all
employees
 
 
 Just
in
time
production
(JIT)
 Just
in
time
is
a
‘pull’
system
of
production,
so
actual
orders
provide
a
signal
for
when
a
product
 should
be
manufactured.
Demand‐pull
enables
a
firm
to
produce
only
what
is
required,
in
the
 correct
quantity
and
at
the
correct
time.
 This
means
that
stock
levels
of
raw
materials,
components,
work
in
progress
and
finished
goods
can
 be
kept
to
a
minimum.
This
requires
a
carefully
planned
scheduling
and
flow
of
resources
through
 the
production
process.
Modern
manufacturing
firms
use...
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This document was uploaded on 03/22/2014.

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