Choose a TQM model or methodology. Assume that you are an expert on the selected TQ model/method. Develop a paper on the specific TQ model/method to later present to an organization for bidding to possibly get the $50m bid. The goal is to educate and sell the concept to the Board of Directors. Prepare a 1,050-1400 word paper for the organization's leadership so that they can incorporate it into the organization's strategic planning process. Possible processes include:
a. Just-in-time (JIT)
b. Lean manufacturing or service
c. Continuous quality improvement (CQI)
d. International Organization for Standards (ISO 9000 and 14,000)
e. Value chain analysis
f. Six Sigma
willing to add more credits. need references..thank you very much. It will be geatly appreciated.
Kindly think in the following terms: Just-In-Time inventory systems are significant to financial managers because inventory is a required current asset that represents a noteworthy investment. Please consider this when you make the $50million bid. We will for a moment describe Just In Time inventory and production: often the two are interconnected. The relationship of inventory and accounts receivable is accelerated in a Just In Time system. Therefore, the strategy of inventory management is grave in a financial perspective to the firms overall financial strength. Just In Time systems require that the financial manager have brilliant business intelligence, real time data and be aware of cost drivers that can wreak havoc upon Just In Time systems. We will look at companies that have used Just In Time inventory systems and the pro's and con's of a Just In Time inventory system.
The Board of Directors should think of the following: Just In Time is a process for optimizing manufacturing processes by eliminating all process squander including wasted steps, wasted material, and excess inventory. The term also describes lean manufacturing that is dependent upon Just In Time inventory systems (Term=JIT). The term is commonly referred to the concepts of Taiichi Ohno from the Toyota Motor Company in Japan regarding production. Just-In-Time inventory systems depend upon logistics that include: transportation, warehousing and several strategies for handling the potential supply chain uncertainties. Just in time is easy to grasp, everything happens just-in-time. Theoretically there is no problem about this; however achieving it in practice is likely to be difficult! The Board may think of Just In Time as:
1. Japanese Innovation
2. Move Inventory Carrying Costs to Suppliers
3. Demand Delivery On As Required Basis
4. Outcome: Supplier Retooling
5. Outcome: Only Inventory is In Transit
6. Outcome: Recovery Doesn't Rebuild Inventory
7. Outcome: Lower Capital Costs, Reduced Buffers
8. Outcome: Increased Demands For Adaptability
9. Outcome: Tighter Bonds Between Customer / Supplier
The Board of Directors should think of the following Just In Time system as a tool to minimize inventory investment. The ideology is that the materials arrive at the time they are needed for production and the company minimizes inventory investment by having only work-in-process (WIP) inventory. Inventory turnover can be increased which will result in a higher profit margin. Kindly consider ...
Total quality management model and methodologies are assessed.