Lean production was groundbreaking approach by Toyota after Second World War and till 1990, characteristically needed 50% of the effort, 50% of the production room and capital investment for a required amount of capacity, and a fraction of the development and lead time of mass production systems, whereas manufacturing products in wider variety and lower quantities with the least flaws.
The terminology crafted by John Krafcik, a research assistant at the MIT with the International Motor vehicle Program in the late 1980s. Another pillar of success at Toyota constitutes Obeya which in Japanese implies 'big room'. At Toyota it has come to be recognized as a major management tool, applied particularly in product development to augment efficient and timely communication. Identical in idea to traditional war rooms, an Obeya will be having charts with heavy visual charts and graphs showing program timing, milestones and progress till date and compliance to existing timing or technical difficulties. The Project leaders will be having desks in the Obeya as others will be appropriating the points in the program timing. The objective is to guarantee success of the project and make the plan-to-do-act cycle shorter. (Capsule Summary of Lean Concepts)
References
All about Toyota" Retrieved...
Strategic Management The concept of strategic management is one that is highly important to organizations around the world (David, 2009). It involves taking a look at the top management of a company and the resources that management team is using on behalf of the company's owners and in order to show a specific level of performance. The mission, vision, and objectives of the organization must be examined, and it is necessary
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Indeed, if we consider a hotel, for example, in an internal analysis, the financial analysis will evaluate the financial health of the hotel, keeping in mind some of the industry's characteristics (such as seasonality) and the fact that the hotel's revenues may somewhat depend on the period it operates in. However, similar to other industries, financial ratios will be calculated based on the basic statements. An internal diagnosis of functional
Strategic Management I definitely have the personality, skills and goals to be an entrepreneur. The entrepreneur requires both functional and managerial skills. Since the entrepreneur is responsible for all aspects of the operations, he/she must have a strong working knowledge of each different business function. In addition, the entrepreneur must have a distinctive competency in the business venture that is being launched. The personality of an entrepreneur emphasizes hard work and determination.
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