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Business & Marketing
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English (U.S.)
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Topic:
Just-In-Time Inventory Toyota Production System (TPS)
Coursework Instructions:
The textile industry in the United States has moved much of its operations offshore in an effort to decrease labor costs. Over the past 50 years textile imports have risen from 2% of all textile production to over 70%. Offshore manufacturers ship apparel items in container ships requiring significant time between original order and delivery. As a result, retail customers must accurately forecast market demands for imported apparel items. Assuming your company requires a just-in-time strategy, how would you handle the low-cost imports?
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Just-in-Time Inventory
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Just-in-Time Inventory.
Also known as the Toyota Production System (TPS) and, incorporated in the 1970s, the just-in-time (JIT) strategy minimizes the storage costs, therefore, increasing efficiency (Bamana & Cloutier, 2019). Reducing the cost of operations is the primary objective of any company that wishes to boost its profits in the current dynamic business environments. Owing to the changes in the market forces of supply and demand, just-in-time management of the inventories is necessary for effective operations. Challenges such as the increase in the cost of raw materials and shortage of supply need appropriate mitigation for the prosperity of textile industries.
The just-in-time inventory management system calls for an accurate forecast of the demand for raw materials (Tanaka et al., 2018). This strategy maintains wastages since the raw materials are received when needed for the production process. Several factors need to be considered for obtaining the effectiveness of this strategy. Having reliable suppliers is an essential factor in...
Name:
Institution:
Course:
Instructor:
Date:
Just-in-Time Inventory.
Also known as the Toyota Production System (TPS) and, incorporated in the 1970s, the just-in-time (JIT) strategy minimizes the storage costs, therefore, increasing efficiency (Bamana & Cloutier, 2019). Reducing the cost of operations is the primary objective of any company that wishes to boost its profits in the current dynamic business environments. Owing to the changes in the market forces of supply and demand, just-in-time management of the inventories is necessary for effective operations. Challenges such as the increase in the cost of raw materials and shortage of supply need appropriate mitigation for the prosperity of textile industries.
The just-in-time inventory management system calls for an accurate forecast of the demand for raw materials (Tanaka et al., 2018). This strategy maintains wastages since the raw materials are received when needed for the production process. Several factors need to be considered for obtaining the effectiveness of this strategy. Having reliable suppliers is an essential factor in...
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