JCT Task 1 Essay

878 WordsNov 15, 20134 Pages
Using Budgets and Pro-Forma Statements to Plan Funding: The pro forma statements and budgets were instrumental in determining what additional measures needed to be taken to ensure progress within the company. By reviewing the pro-forma statements I was able to determine that I needed to raise the price of my product due to the fact that the target markets had indicated what they would pay for such product and the cost of production was over whelming the income received from sales. After the first quarter I was able to decide that changes needed to be made to not only the price of each product but additional products needed to be added to meet the needs of specific target areas. I was also able to determine by analyzing the budget…show more content…
Lean operations emphasizes the understanding of the customer by producing units only as they are needed. As individual units are manufactured this reduces inventory drastically. This also would reduce any waste of products created and not sold. Both of these processes would have been a benefit to my company as there were several units of certain brands that were not desirable or meeting customer needs. This caused a loss of revenue by having units that were produced but not sold. The lean operations and Just In Time methods would eliminate this problem from the manufacturing side of my company. Work Cells Vs. Traditional Straight Line Method: By utilizing work cells in my manufacturing facility I would have been able to reduce travel distance in production due to the fact that all equipment in work cells is modular. This allows the work cells to be easily arranged or moved as needed. The implementation of work cells versus straight line manufacturing would have been beneficial also because it provides an organized workplace and reduced space for inventory or production materials. Also by using the work cell method of production defects would be easily detected early, this is because with work cells products are tested at the end of each production cycle making it easier to detect and fix any defects that may arise. Inventory Management: During the simulation my inventory
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