What trade-offs are involved in shifting from a traditional operations system to a lean system for: a. A manufacturing firm? A lean system is basically quality vs. quantity. Producing quality in the lean system eliminates waste. For instance‚ a lean system can reduce inventory‚ waiting time‚ excessive transportation‚ as well as defects in products and services. “The key considerations are the time and cost requirements for successful conversion‚ which can be substantial” (Stevenson‚ 2010‚ p.
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Financial management L. Fung AC3059‚ 2790059 2012 Undergraduate study in Economics‚ Management‚ Finance and the Social Sciences This is an extract from a subject guide for an undergraduate course offered as part of the University of London International Programmes in Economics‚ Management‚ Finance and the Social Sciences. Materials for these programmes are developed by academics at the London School of Economics and Political Science (LSE). For more information‚ see: www.londoninternational
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more efficient. Lean production principles‚ pioneered by Toyota in the last half of the 20th century (Womack et al‚ 1990)‚ proved consistent results for the manufacturing companies that understood mass production strategy had become obsolete‚ after almost a century of dominance. Applicable successfully to the manufacturing industries‚ the lean philosophy will be analysed in the present synopsis through the perspective of services industry‚ usually dealing with intangibles. Lean Manufacturing In
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Lean Glossary The following are key concepts associated with lean manufacturing. Click on a link to jump directly to the related definition. 5S Andon Bottleneck Analysis Continuous Flow Gemba (The Real Place) Heijunka (Level Scheduling) Hoshin Kanri (Policy Deployment) Jidoka (Autonomation) Just-In-Time (JIT) Kaizen (Continuous Improvement) Kanban (Pull System) KPI (Key Performance Indicator) Muda (Waste) Overall Equipment Effectiveness (OEE) PDCA (Plan‚ Do‚ Check‚ Act) Poka-Yoke
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Career: Accountant/Auditor A Day in the life of a Accountant/Auditor Accountants keep track of payments‚ financial positions‚ and transfers of capital or income for individual or institutional clients. Some are responsible for examining the tax implications of those actions. Accountants must be comfortable with numbers‚ but must also spend a considerable amount of time reviewing other people’s work and‚ in particular‚ delivering bad news. As a “financial physician” (a term that cropped up more
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Modern World versus Traditional World The stories from Alistair Macleod’s The Lost Salt Gift of Blood are often related to the lives of the people of the Maritimes who are commonly miners‚ fishermen and farmers. The author repeatedly examines similar themes and issues in his short stories such as isolation‚ choices versus consequences and the concept of dying culture. However‚ the most prominent theme deals with the contrast between the rural ways of life and the more modern city life. This theme
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The traditional approach of financial management was all about profit maximization.The main objective of companies was to make profits. The traditional approach of financial management had many limitations: 1.Business may have several other objectives other than profit maximization.Companies may have goals like: a larger market share‚ high sales‚greater stability and so on.The traditional approach did not take into account so many of these other aspects. 2.Profit Maximization has to defined after
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CASE 6–19 The Case of the Plummeting Profits; Lean Production Required: 1. What characteristic of absorption costing caused the drop in net operating income for the second quarter and what could the controller have said to explain the problem? With absorption costing the net operating income relies on both production and sales so he was correct in his explanation‚ however he could have maybe explained better how since they had an under applied amount of overhead from their reduction in produced
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checks off the care and education a patient will need. With that care plan in place‚ the care manager and nurse know exactly what to do. Another part of lean initiative was a top-down review of day-to-day administrative procedures‚ and identifying common problems‚ bottlenecks in another areas. No one had to work more hours. UNC Health Care launched a lean pilot program that is increasing efficiency and enabling the hospital to serve more patients. No new hires were needed. UNC health care did more
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Pantha rei as it was stated by the Greek philosopher‚ Heraclites of Ephesus (sixth and fifth centuries B.C.) everything flows‚ everything changes. Change in the contemporary world is an extremely fast process. Nothing remains the same as it was in the past. In political science especially‚ some notions (e.g. sovereignty) demand redefinition. The changing nature of all things also includes the political concept of terrorism. The official approach to this changing terrorism is rather complicated
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