Inventory Management
The author of this report is to speak on two major topics in this brief paper. The first topic is inventory management in the context of getting the right amount of a product where it needs to be and when it needs to be there. Further, there will be discussion of the ABC system as it relates to a firm that the author of this report is familiar with. There will also be a discussion of lean synchronization and its overall goal of perfect quality with no waste at all. There are two forms of waste in particular that will be discussed and those are waste from irregular flow and waste from inflexible response. While perfect quality with no waste is not really feasible, it should always be the goal for a firm that is serious about quality and proper inventory management.
Analysis
When it comes to inventory management, the concept of ABC is actually short for activity-based costing. It is a method of allocation overhead and overall expenses in a way so that the applicable overhead and such is apportioned based on the activity. For example, a non-ABC system would assign the same overall overhead to two different products regardless of how much of each is made. For example, if there is $50,000 of overhead and two overall products, $25,000 each would be applied to each product. However, unless identical amounts of revenue emanate from those two products, that would be against the concept of activity-based costing. If the revenue split was 60/40 between the two products and activity-based costing was in place, then the product that has sixty percent would get sixty percent of the overhead and expenses assigned against it and the forty percent product would get forty percent. Further, activity-based costing ranks products in terms of their overall profitability with the letter "A" being assigned to the most profitable, "B" to the second-most profitable and "C" to the third most profitable. Ford is a company that could obviously use activity-based costing to their advantage. For example, let us say that the only two models that Ford had (and of course they have more) are the...
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