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Week 2 Cost Management Systems Paper

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Juan Varela
Week 2 Assignment
September 14, 2019
Mr. Dennis Mcguckian
Cost Management Systems

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Juan Varela Week 2 Assignment September 14, 2019 Mr. Dennis Mcguckian Cost Management Systems Having a comprehensive and integrated approach to the management function activities is crucial to any business elements in the field. Having the ability to eliminate the non-value-added from the production line will assist cost management operations to remain cost effective and prosperous. Below we will be breaking down the Smith Corporation and the consideration of implementing a JIT inventory system. JIT or Just-In-Time inventory system, also called a “pull” system is the reduced amount of inventory owned by a business after it installs a just-in time manufacturing system. This type of system is designed to eliminate the middleman and the processes that come with it to save time and money. However, if the supplier cannot supply certain parts, they may be set back for weeks. A JIT system has little to no inventory, work in progress or finished goods. (Bragg, 2018) Production based activities for the Smith Corporation and how long each of the activities lasts are as follow: Receiving materials------------------------------- 1 day Inspecting materials------------------------------- 4 ...
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