You Are the Continuous Improvement Expert in Your Company

question 22

Essay

You are the continuous improvement expert in your company.A meeting is scheduled with all the front line production supervisors.The supervisors have no training in continuous improvement.Your job in this meeting is to explain the concept of 'kaizen' to the supervisors.Explain kaizen to this audience.

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Definitions:

Net Income

The total earnings of a company after subtracting all expenses, taxes, and costs from total revenue, indicating the company's profit.

LIFO Layers

Different layers or levels within the LIFO inventory method, representing inventory acquired at different times and prices, affecting the calculation of cost of goods sold and ending inventory value.

LIFO Layers

In accounting, layers created under the Last-In, First-Out inventory valuation method, each representing a specific cost associated with inventory purchased at different times.

Inventory Holding Gains

Inventory holding gains are the increases in value of inventory the company holds due to price increases, not yet realized through sales.