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Essay / Research Paper Abstract
This 3 page paper looks at a case study supplied by the student, looking at how just in time inventory management will help with production and inventory management problems in a firm with facing volatile demand. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEclairJIT.rtf
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Unformatted sample text from the term paper:
often of the items can result in lost sales and lost profit, too much can result in a loss as goods may need to be discounted to be sold. The
range of products has different inputs so the transfer of the stock between the products manufactured is not viable. The company needs a system that will allow the, to operate
in a way that will ensure they can respond to needs and reduce unwanted access stocks. One method that may satisfy the needs of other company and create a system
where there are neither shortfalls nor surpluses of stock is the use of just in time inventory management. Just in time inventory control is often associated with the concept
of Total Quality Management (TQM), and is often used as a part of a larger strategy where there is a striving for continual improvement. The foundations of this system are
in the Toyota, the Japanese car manufacturer. Taiichi Ohno developed a system that reduced the level of capital tied up in stocks as well as increasing efficiency and helping maximize
the potential use of all resources, including space (Aycock, 2003). Just in time inventory control meant that the stock which was required, in this case for the manufacture of
different replica antiques, would arrive just in time to be used. Not only was the arrival important, but so was the quality, as where there is stock arriving just in
time, this meant that there was no back up stock, and any faults could hold up the production line (Thompson, 2005). The benefits of this were that the level
of stock was much lower meaning the problem of a stock surplus and need to discount are reduced(Aycock, 2003). However, if reducing this alone were the goal then simply reducing
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