Business Administration 1220E- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)

• School: Western University
• Department: Business Administration
• Course: Business Administration 1220E
• Professor: Alexander Miller

Document Summary

B u s i n e s s a dm i n i s t ra t i o n 1 2 2 0 e. Just-in-time (jit) manufacturing to produce only what is needed, when it is needed. Jit philosophy eliminate all waste in the organization. Jit system a management system that aims to improve the manufacturing or service process by eliminating waste. Origin of jit systems: 1950s, the japanese were short on capital and space, for toyota, to improve performance meant to reduce inventory, reducing inventory led to reducing all kinds of waste. Inventory hides problems: poor quality, machine breakdowns, poor design, poor vendors, inefficient layout, long setups. Waste anything other than the minimum amount of resources that is essential to add value to the product: process, scrap, non-value-added cost, wrong tools/equipment, over-production, extra inventory, inappropriate use of resources.