MGT 322 SEU Lean Thinking and Just In Time Concept Discussion

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mvpb

Business Finance

MGT 322

Saudi electronic university

MGT

Description

Consult chapter 7 of your text book or secondary available data on internet and answer the following questions.

Question:

  • Why Companies adopted Lean Thinking and JIT model?
  • Discuss major types of Waste, companies has to keep in mind during production.
  • Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users?
  • Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example.

The Answer should be within 4- 5 pages.

The Answer must follow the outline points below:

  • Lean Thinking and JIT Concept
  • Agile Supply chain
  • Their Main functions
  • Reasons with suitable Examples
  • Reference

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College of Administrative and Financial Sciences Assignment 3 Deadline: 11/4/2020 @ 23:59 Course Name: Student’s Name: Course Code: MGT322 Student’s ID Number: Semester: II CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: Marks Obtained/Out of Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Logistics Management ASSIGNMENT -3 Submission Date by students: Before the end of Week- 12th Place of Submission: Students Grade Centre Weight: 10 Marks Learning Outcome: 1. Demonstrate an understanding of how global competitive environments are changing supply chain management and logistics practice. 2. Apply essential elements of core logistic and supply chain management principles. 3. Analyze and identify challenges and issues pertaining to logistical processes. Assignment Workload: This assignment is an individual assignment. Critical Thinking The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing as well as service sector (Basu, 2001; George, 2002). Due to the rapidly changing global marketplace only those companies will be able to survive that will deliver products of good quality at cheaper rate and to achieve their goal companies try to improve performance by focusing on cost cutting, increasing productivity levels, quality and guaranteeing deliveries in order to satisfy customers (Raouf, 1994). Increased global competition leads the industry to increasing efficiency by means of economies of scale and internal specialization so as to meet market conditions in terms of flexibility, delivery performance and quality (Yamashina, 1995). The changes in the present competitive business environment are characterized by profound competition on the supply side and keen indecisive in customer requirements on the demand side. These changes have left their distinctive marks on the different aspect of the manufacturing organizations (Gomes et al., 2006). With this increasing global economy, cost effective manufacturing has become a requirement to remain competitive. To meet all the challenges organizations try to introduce different manufacturing and supply techniques. Management of organizations devotes its efforts to reduce the manufacturing costs and to improve the quality of product. To achieve this goal, different manufacturing and supply techniques have been employed. The last quarter of the 20th century witnessed the adoption of world-class, lean and integrated manufacturing strategies that have drastically changed the way manufacturing firm’s leads to improvement of manufacturing performance (Fullerton and McWatters, 2002). Consult chapter 7 of your text book or secondary available data on internet and answer the following questions. Question: 1. Why Companies adopted Lean Thinking and JIT model? 2. Discuss major types of Waste, companies has to keep in mind during production. 3. Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users? 4. Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example. The Answer should be within 4- 5 pages. The Answer must follow the outline points below: • Lean Thinking and JIT Concept • Agile Supply chain • Their Main functions • Reasons with suitable Examples • Reference Ans 1: Ans 2: Ans 3: Ans 4:
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Explanation & Answer

Attached.

Running head: LEAN THINKING AND JIT CONCEPT

Lean Thinking and JIT Concept
Student’s Name
Institution

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LEAN THINKING AND JIT CONCEPT

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Introduction

Lean thinking is a business approach that targets to offer a new means to consider the
manner to consolidate human actions to deliver extra gains to community and value to persons
while eradicating waste. The objective of Lean is to provide the maximum client value within the
least sustainable lead-time, whereas offering the utmost likely quality to consumers and
community in general. High optimism, security, and client delight are new goals as well as
benefits. On the other hand, Just In Time (JIT) model is a prevalent inventory management
method and form of lean procedure intended to increase efficacy, cut expenses and lessen waste
through acquiring goods just as they are obligatory. It is an approach to surge efficacy and
reduced waste by getting items just as they are essential within the production formula hence
lessening inventory expenses. Three essential components work jointly to complete a JIT model,
namely just-in-time production, overall quality management, and respect for persons. The
objective of JIT is to enhance a firm's return on investment through the reduction of nonessential expenses.
Why Companies adopted Lean Thinking and JIT model?
Lean thinking is not just a process but more than a procedure. It is a business model that
may be used in every aspect of a company and lead to better results (Gay, 2016). Many
companies are already conversant with their applications within the field of engineering and
manufacturing. But in reality, the model of lean can profit a much broader range of industries.
Most corporations can apply lean thinking model to boost productivity, lessen waste, and
enhance...


Anonymous
Very useful material for studying!

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