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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.
What is Fixed budget The fixed budget is prepared for a given level of activity the budget is prepared before the beginning of the financial year. If the financial year starts
Relevant costs and benefits for operating decisions: In operating decisions, concentration is on best use of existing capacity. Incremental analysis based on differential cost
what is cost bookkeeping
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
Types of Factoring The factoring facilities can be largely categorized in four groups that are as follows: 1) Full service non-recourse (old line) 2) Full service rec
Discuss the dominant compensation philosophy, share value creation and the link between company size and executive pay. Solve Parmalat''s case, which may be found in reading No. 8.
Phases of product life cycle The life cycle of a product having of four phases viz., introduction growth maturity decline during introduction phase a product is launched into
What are the Objectives of budgetary control 1) Planning : planning is an important managerial function. it helps to decide in advance, what to do how to do it when to do it a
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