Chapter 4: Forecasting Forecasting Steps 1. Determine the use of the forecast 2. Select the item tot be forecasted 3. Determine the time horizon of the forecast 4. Select the forecasting model(s) 5. Gather the data 6. Make the forecast 7. Validate and implement results Forecasting Methods Quantitative Methods: used when situation it “stable” and historical data exists; existing products and current technology are key; involves mathematical techniques; ex: forecasting sales of color
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Just in time (JIT) is a production strategy that strives to improve a business return on investment by reducing in-processinventory and associated carrying costs. Just-in-time production method is also called the Toyota Production System. To meet JIT objectives‚ the process relies on signals or Kanban (看板 Kanban?) between different points in the process‚ which tell production when to make the next part. Kanban are usually ’tickets ’ but can be simple visual signals‚ such as the presence or absence
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CLICK TO DOWNLOAD BSOP 429 Midterm Exam 1 Page 1 1. (TCO 12) _____ is the objective under JIT and time-based competition. 2. (TCO 2) Which of the following lead-time elements can be compressed into one well-designed PAC system? 3. (TCO 3) What happens to inventory as the number of kanban cards increases? 4. (TCO 1) In managing supplier relations‚ which of the following is a beneficial setup? 5. (TCO 6) When linking marketing requirements and manufacturing strategy‚ what design approaches
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Q1: There are two different types of cost accounting systems: Job order cost systems and process cost systems. How does management decide whether to use a job order cost system or a process cost system in any given manufacturing situation? Explain. Job order cost system is used in situations where many different products are produced each period. For example‚ a Levi Strauss clothing factory would typically make many different types of jeans for both men and women during a month. A particular order
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information about the functions as planned to give the needed performance and at the lowest cost. * Just-in-time (JIT) is an integrated set of activities designed to achieve high-volume production using minimal inventories of raw materials‚ work in progress‚ and finished goods. * Parts arrive at a workstation just when they are required and move through the operation quickly. JIT works on a pull system. * Just in time is to produce and deliver finished goods just in time to be sold‚ make
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ust-In-Time (JIT) is a very simple idea but one that is essential in modern supply chain management. JIT sets out to cut costs by reducing the amount of goods and materials a firm holds in stock. JIT involves: producing and delivering finished goods ‘just in time’ to be sold partly finished goods ‘just in time’ to be assembled into finished goods parts ‘just in time’ to go into partly finished goods materials ‘just in time’ to be made into parts. The principle that underpins JIT is that production
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Kanban‚ as a means of manufacturing‚ was developed by Toyota during the late 1940s and early 1950s. During that period‚ the Toyota Corporation studied American supermarkets and their management techniques. Taiichi Ohno‚ the man credited with developing JIT‚ saw the relationship between the supermarket and its customer as an efficient means of organizing production‚ because a supermarket assures future stock while only supplying what the consumer has immediately signaled that he or she needs. The premise
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a litre of petrol. Makers of small cars‚ especially those that run as taxis‚ fear the RE60 because it will come with a cheaper price tag‚ somewhere between the three-wheeler’s Rs1.25 lakh and Maruti Suzuki Alto’s Rs2.5 lakh. It will also be more fuel efficient‚ giving 35 kilometres to a litre. Maruti Suzuki and Tata Motors‚ though‚ are against allowing such a vehicle‚ and want the safety and emission standards for the quadricycle to be on par with that of cars. But the low-speed four-wheeler
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ROUND -1 SEATING ARRANGMENT 1. | A‚ P‚ R‚ X‚ S and Z are sitting in a row. S and Z are in the centre. A and P are at the ends. R is sitting to the left of A. Who is to the right of P ? | | A. | A | B. | X | C. | S | D. | Z | 1. Answer: Option BExplanation:The seating arrangement is as follows:Therefore‚ right of P is X. | 2. | There are 8 houses in a line and in each house only one boy lives with the conditions as given below: 1. Jack is not the neighbour Siman. 2. Harry is just next
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inventory system to JIT system. From the current inventory system‚ Jim has spent a lot of cost on his inventory system. This is because mostly of the component used in manufactured are bought from other vendor and his company actually only manufactured very few of it component. Because of this‚ the transportation and inventory cost contribute to a relatively large portion of its component part of expenses. Jim Ballenger was very aware on the cost that may arise once the JIT system adopted. The cost
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