You Have Recently Been Hired by a Manufacturing Company

question 38

Essay

You have recently been hired by a manufacturing company. Two days ago, you met with the top management of the company to discuss future strategies for the firm. During the meeting, the president of the company expressed concern about the profitability of the company and the company's ability to compete effectively in the future. You responded to the president's concerns by mentioning some articles you had read in professional accounting journals regarding JIT. The president responded to your comments by saying that although the JIT concept sounded interesting, no one in the company was knowledgeable about JIT. The president then requested that you prepare a brief summary of JIT for the next strategic planning meeting.
Required:
A. List five major requirements for implementing a successful JIT system.
B. List at least five benefits cited of a JIT system.

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Definitions:

Performance Goals

Targets or objectives set with the aim of achieving a specific standard of proficiency or achievement in performance-based activities.

Rewards and Punishments

Methods used in behavior management, aiming to encourage desirable actions through rewards and discourage undesired actions through punishments.

Similarity

The degree to which two or more things are alike, sharing attributes, characteristics, or qualities.

World Views

Broad beliefs and perspectives through which individuals interpret and understand the world around them.