Pareto Analysis

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JIT 1. Discuss the Just-In-Time system. Just-In-Time system is a system that started when Japanese companies were trying to perfect their system by implementing a philosophy to not to keep inventory in store but to ensure their product to be sold before another batch of product comes because a buffer of inventory on hand is costly. In other words, it is a demand-pull system that ensures a product is not moved from one process step to another until there is a requirement for that product. When items are ready just in time, they aren’t sitting idle and taking up space. For example, a company which basically sell cars need to sell their stocks at a minimum level before ordering new stock because the cars need space to hold onto them or they might becoming obsolete or deteriorating. 2. What are the key features of JIT Production and JIT Purchasing. 3. Discuss briefly the cost and benefits of implementing the JIT system. Total Quality Management 1. What is Total Quality management (TQM)? Total Quality Management is a management approach that centres on meeting customer requirements by achieving continuous improvement in products. 2. Discuss briefly the features of TQM 3. How is TQHhHHow is TQM different from quality control? 4. Discuss briefly the four categories of cost of quality and explain why it should be measured Langfield - Question 16.56(5ed) Kaizen Costing a. Explain what is kaizen costing Kaizen in the Japanese term means ‘continuous improvement’. Therefore, kaizen costing basically is a strategy to improve continuously in cost of producing products. b. Discuss the objectives of kaizen costing. The objectives of Kaizen Costing involves producing cheaper re-designs, eliminating waste and reducing process costs. c. Discuss with real life example the implementation of kaizen costing
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