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Major features of JIT(1) Elimination of non-value added activity: JIT manufacturing can be described as a philosophy of management, dedicate to the elimination of waste. Waste is stated as anything which does not add value to a product.(2) Factory Layout: The first stage of implementing the JIT manufacturing techniques is to rearrange the factory floor away from the batch production functional layout towards a production layout using low lines with a functional plant layout production through a No. of special departments that normally contain a group of similar machines.(3) Batch size of one: Set up time is the amount of time needed to adjust tools and to retool for various product. Long set ups a change over time make the production of batches with a small no. of units too expensive.
Saddle Point The saddle point in a payoff matrix is one which is the smallest value in its row and the largest value in its column. It is also termed as equilibrium point in th
Non-Zero Sum Games Within very vast situations of possible non-zero games, varying degrees of co-operation exist between the participants. Games theory has been sufficiently de
Marketing refers to the promotion of products, especially advertising and branding. But marketing includes product management, pricing, prom
Responsibility Accounting This is a term used to define the measuring of performance of decentralized units, using account results. Responsibility accounting recognizes various
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Conditions necessary in a control cycle There are four necessary conditions that must be satisfied before any system can be said to be controlled. Such are as follows: (1) O
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Characteristics of product life cycle The major characteristics of life-cycle concept are as follows: 1) The products have finite live and pass by the cycle of development i
Explain the practical application of differential costing with examples
Balanced Score Card This is a popular approach in current management thinking which consists of a variety of indicators both financial and non-financial. The balanced scorecard
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