Just-in-time: an inventory system whose time has come
Article Abstract:
Just-in-time systems of inventory maintain stock levels based upon daily production levels; such a "pull" system of inventorying reduces costs by minimizing the number of items on hand and the length of time an item remains in inventory or in work in process. The just-in-time concepts are equally applicable to purchasing and delivery of goods, as well as manufacturing processes; these applications are discussed. Also discussed are the differences between just-in-time systems and material requirements planning techniques, machine and process reconfigurations required by just-in-time implementations, automation of certain manufacturing areas, and under capacity scheduling of work and materials. Just-in-time scheduling and inventory systems are characterized by smaller than average lot sizes, rigid master production scheduling, automation, multifunctional labor assignments and identification of reliable material suppliers that can adhere to scheduling requirements. Just-in-time has been shown to reduce the amount of rework needed to produce manufactured goods, increase production, and improve employee morale and motivation, in addition to reducing levels of inventory on hand.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1985
User Contributions:
Comment about this article or add new information about this topic:
Does your firm need bar coding?
Article Abstract:
A survey of 83 people who use bar coding in their work revealed the systems are most often applied to product movement tasks that included inventory tracking, shipping, and receiving, and to information-flow jobs that included billing, purchasing, and accounts payable. The benefits of bar coding listed by the respondents included better accuracy, lower costs, and improved timeliness. A pilot program was used by 52% of the respondents for implementing bar coding. When presented with five roles that accountants could assume in the planning, design, implementation, and audit of bar code systems, 15% of the respondents stated the accountants should be involved only in projects having direct financial implications. Respondents felt post-implementation reviews were the most important accounting role.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1990
User Contributions:
Comment about this article or add new information about this topic:
Analyzing inventory systems
Article Abstract:
On the surface, it appears that the three methods for managing inventory and production - Economic Order Quantity-Reorder Point (EOQ-ROP), Materials Requirements Planning (MRP), and Just In Time (JIT) - are incompatible. An examination of these different models reveals, however, common threads with which a more uniform and efficient theory for production and inventory management can be developed.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1986
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Modelling emergency lateral transshipments in inventory systems. Performance bounds for lot sizing heuristics
- Abstracts: A multi-echelon inventory model for a repairable item with one-for one replenishment. Continuous - review policies for a multi-echelon inventory problem with stochastic demand
- Abstracts: The solution of multiperiod network models with bundle constraints by aggregation. A forward simplex method for staircase linear programs
- Abstracts: Trends in financial management. Management accounting practices. FASB sets 1985 agenda
- Abstracts: What's it worth? Financial loss and valuation. So you want to be an expert witness