GMS 401 Study Guide - Capital Budgeting, Safety Stock, Overproduction

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Robert Meiklejohn

Document Summary

Introduction: just in time: production system in which processing and movement of parts/modules/work-in-process occur just as they are needed. M. r. p. controls the work centre capacities: jit relies on visual signals to trigger and pull production and deliveries through the process. Goals: jit/lean production: a balanced rapid flow materials, information, or work through the steps of the production process. of a family of products is a smooth even and swift flow of, elimination of disruptions. : disruptions upset the smooth flow and cause variability, caused by a variety of factors such as poor quality, equipment breakdowns, schedule changes, late deliveries: system flexibility in the level of output, while maintaining balance and through speed. Reducing machine set-up time will increase system flexibility. : robust enough to handle a variety of products and changes: elimination of waste. : waste ( muda in japanese), represents unproductive resources.