Thursday, December 5, 2019
Question: Case Study: Asic Vs Adler. Answer: The case revolves around Adler who was a non-executive director of HIH. On the other hand, Williams held the position of the director and the chief executive officer and Dominic Federa maintained the position of the director and financial controller. However, Adler made some requisition and Williams together with Fodera made some arrangements of the advance of ten million dollars from a subsidiary of HIH. Adler was the officer of Santow J to the Pacific Eagle Equity Pty Limited a newly formed organization by him. The purpose was to make profitable trades and investments for HIHC. Moreover, on the next period the company purchased the HIH shares that amounted to the value of three point nine million dollars. The ASIC came to the conclusion that Adlers main intention was to purchase the shares in order to support the HIH share cost for his benefit of his personal HIH shareholding. In addition to that, the Australian Equities Unit Trust was established and PEE was made the trustee. The units of several classes got issued to the HIHC and the Adler organization that was controlled by Adler. The investment of HIHC of ten million dollars that included the HIH shares got purchased with it and later on became part of the trust. Moreover, the HIH shares were later sold at a loss of two point one million dollars on the month of September the year 2000. From August to September the year 2000, Adler made AEUT to buy from his company various investments that were not listed in technology and other internet corporations. The AEUT lost the three investments that amounted to more than three million point dollars. From July to November the year 2000, Adler made PEE to make various unsecured loans that totaled to two million dollars to the organizations that were associated with him. The ASIC had alleged that it was disadvantageous to the AEUTS corporation. However, the ASIC brought various proceedings against Adler, Williams, and Fodera as they alleged the contravention of the associated party transaction. The financial status assistance and the duty provisions of the Directors regarding the Corporation Act were also contravened (Clarke et al, 2003). The case highly reminds the directors of their duties and responsibilities while within the organization. The directors of the company did not act according to their expected ways as outlined by the law. The arising issues were the payment of the ten million dollars that was carried out by an HIH subsidiary to a corporation that Adler was the sole director. All the transactions were carried out without any board member approval and also no disclosure was done to the investment committee of HIH. There was also no documentation of the loans being issued or any form of security that was laid out. The payment was done and it never came to the attention of the other HIH directors who had to be notified of any transaction. Adler had contravened various sections of the Act that stipulated the directors duties. The duties and responsibilities breached include the duty to always act with care and diligence. The directors are supposed to comply with section 180 of the act. They should make the business decisions in good faith and for the best purposes without any personal interest. Adler had made the decisions for his benefit and that of his newly formed company (Bevans, 2007). Secondly, they were supposed to act in good faith and for a better purpose to the organization. The section 181 was breached by the directors and Adler failed to make the appropriate disclosure of where the cash was intended to be directed. He made sure that his personal interest of protecting his shareholding of HIH that was in conflict with the interests of the enterprise. On the other hand, Adler had also breached his duty of acquiring the three unlisted technology investments to PEE and the unsecured loans from AEUT. Thirdly, the duty not to improperly use position was also breached. The section 182 of the act states that any officer, director or employee of any institution should not at any given time improperly use their positions for their advantage. Adler breached the conduct by supporting the cost of shares for his benefit. Williams also misused his position by authorizing the ten million dollars payment without following the correct procedures (El Vault, 2003). Lastly, there was improper use of the information that regarded the company. The section 183 states any member of an organization should not misuse the information they have obtained so as to gain advantage for themselves or other individuals. Moreover, it should not cause any detriment to the company. Adler breached the section by using the information for his advantage and that of his corporation. It concerned the investment committee procedures and investing guidelines. He made sure that the HIH invested the money in the proper way that would lead to him gaining more advantage and profits. The directors breached the act by taking part in actions that are prohibited. It is their role to act according to the act as stipulated by the law and for the smooth running of the corporation. The tribunal decision was to ban Adler acting as director of any company for twenty years a she had violate the legislation outlined in the act. He breached various sections of the act that were supposed to be followed by the directors, employees and other members of the company. Breaching the Corporations Act had to be penalized as it was against the law and the people had to follow it as required. Williams and Adler had contravened the sections of the act that had outlined the duties and responsibilities of the directors in a particular company. The Supreme Court ruled out that Williams was disqualified to being a director of any corporation for a period of ten years. Williams was found guilty of breaching the section 180 and 182 of the Corporation Act and other convictions were entered against the associates. The decision of the court was important to ensure that other persons with similar motives do not breach the act. It was to set an example to other directors of various organi zations and also caution them on the consequences of not following the act. They should respect the Corporation Act and run the organization as expected without any favor or self-interest. The court of law ensures that all the individuals follow the law and those that violate are dealt with and heavy penalties imposed on them (Hill McDonnell, 2012). In conclusion, Adler used his position by ensuring that the ten million dollars was paid to his newly formed company for his interest. He took advantage of the HIH was investing in conservative ways and gave them an option that would be advantageous to him. On the other hand, Williams authorized the payment without the correct procedures or following up to know the exact truth of the matter. The misuse of the information was also seen as Adler used his knowledge to acquire the funds and increase his shareholding in the HIH. The issue later caused deterioration in the company as there were no interests gained. The HIH was supposed to invest and acquire favorable interests that would help them gain profits. The Supreme Court penalized the directors and imposed heavy penalties for violating the Corporations Act. Adler was banned being a director for twenty years while Williams was disqualified for ten years. It was important for them to get punished for their mistakes and neglecting the ir duties and responsibilities in the organization. References Wheelen, T. L., Hunger, J. D. (2002).Strategic management and business policy. Reading, Mass. [u.a.: Addison-Wesley. Clarke, F. L., Dean, G. W., Oliver, K. G. (2003).Corporate collapse: Accounting, regulatory and ethical failure. Cambridge [u.a.: Cambridge Univ. Press. Hill, C. A., McDonnell, B. H. (2012).Research handbook on the economics of corporate law. Cheltenham, U.K: Edward Elgar. Bevans, N. R. (2007).Business organizations and corporate law. Clifton Park, NY: Thomson Delmar Learning. El, K. Z., Vault (Firm). (2003).Vault guide to corporate law careers. New York: Vault Inc. Lee, D., Swartz, M., American Bar Association. (2007).The corporate, securities, and M A lawyer's job: A survival guide. Chicago: ABA, General Practice, Solo Small Firm Division. Bainbridge, S. (2015).Corporate Law. West Academic. Bainbridge, S. M. (2002).Corporation law and economics. New York, N.Y: Foundation Press. Tomasic, R., Bottomley, S., McQueen, R. (2002).Corporations law in Australia. Sydney: Federation Press. Kraakman, R. H. (2009).The anatomy of corporate law: A comparative and functional approach. Oxford: Oxford University Press.
Thursday, November 28, 2019
Analysis of Just in time production methods Introduction Analysis of Just in time production methods IntroductionJIT is of 2 types which are:JIT ConceptKey elements in JITBenefits of JIT Manufacturing SystemDisadvantages of JIT JIT Inventory Management1. Over Production:-2. Unnecessary Inventory :-3. Waiting Times:- 4. Inefficient Transporting :-5. Unnecessary / Excess Motion 7.Ã Rejects Defects:-5sÃ¢â¬â¢s5. Sustain:-The final stage is that of Discipline often listed as Sustain or Self-discipline. Ingraining the 5Ss into the culture.Ã Its tough to keep a 5S effort, or any improvement effort for that matter, going. The 5Ss involve a culture change. And to achieve a culture change, it has to be ingrained into the organization by everyone at all levels in the organization.Ã Ã Ã (www.training-management.com accessed on 10th June 2011)JIT IIChallenges in JIT Concept1) Transportation: 2) Estimation: Operations environments in which JiT is most usefulCHANGES THAT MIGHT IMPROVE JIT IN THEORY /PRACTICE ConclusionReference:Related Introduction Just in time is a Ã¢â¬ËpullÃ¢â¬â¢ system of production, so actual orders provide a signal for when a product should be manufactured. Demand-pull enables a firm to produce only what is required, in the correct quantity and at the correct time.Ã¢â¬Å"Just-in-timeÃ is an inventory system where raw materials are delivered right before they are needed on the assembly line, and finished goods are manufactured just before they are shipped to customers. Just-in-time improves return onÃ investmentÃ by substantially reducing overhead cost, limiting quality inspections, and eliminating obsolete inventoryÃ¢â¬ . This means that stock levels of raw materials, components, work in progress and finished goods can be kept to a minimum. This requires a carefully planned scheduling and flow of resources through the production process. Modern manufacturing firms use sophisticated production scheduling software to plan production for each period of time, which includes ordering the correct stock. Information is exchanged with suppliers and customers through EDI (Electronic Data Interchange) to help ensure that every detail is correct. A more specific definition is provided by Calvasina et al. (1989):Ã¢â¬Å"JIT is a system of production control that seeks to minimize raw materials and WIP inventories; control (eliminate) defects; stabilize production; continuously simplify the production process; and create a flexible, multi-skilled work force.Ã¢â¬ Successful JIT implementation should accomplish two major objectives: improve quality and control the timeliness of the production and delivery of products. (Davy;Ã MondenÃ andÃ Walleigh). (Sciencedirect.com, Accessed on 13th May 2011) JIT is of 2 types which are: JIT production: This where the production of the goods isÃ startedÃ only when the customer places the order. In this method there will not be finished good stocks but there will be raw material stocks as the purchasing is carried out inÃ normalÃ way. JIT purchasing: This goes one step beyond the JIT production where the purchasing of raw materials forÃ productionÃ is also carried out once the order is placed by the customer eliminating raw material stocks. tutebox.com/business/management/just-in-time-concept/ JIT Concept JIT is a process aimed at increasing value-added and eliminating waste by providing the environment to perfect and simplify the process.JIT in time concept was initiated in Japan making the Toyota as its master piece. JIT is system whether company starts manufacturing/purchasing once the customer orders the good effectively making zero inventories. In other words, in a JIT environment materials are purchased and produced as and when it is needed. The whole idea is based on the phrase provide the goods just in time as promised when the order is placed by the customer. The opposite of the JIT production is known as JIC (Just in case) system where it produces goods for inventory with the intention of having goods just in case a customer places aÃ immediateÃ order. The whole concept of the JIT isÃ differentiatedÃ from traditional productions systems using push vs pull systems of production. The push system of production pushes materials to the next stage of the production irrespective of whether time and resources are needed at the next level of production creating lot of inventories at each level of the production flow. The traditional manufacturing organizations adopt push system where they produce for inventory and work in progress. The pull system of production is where the materials are pulled by next level of the production only when is signaled or required by the next stage of production. This drastically reduces the inventory held as it does not keep any work in progress. JIT concept is built based on the concept of pull production which eliminates the total inventory. Source: Kaluarachchi, 2009) Kanban: kanban is a Japanese word which means cards and information will be indicated in that card. Usually information includes serial no. of product identification, the quantity, the required operation and place of enquiry. Kanbans allow to link different production process together (Jarvis, podolsky.s, cheng.t.c.e, 1996). Key elements in JIT One problem with JIT is that it only works well in certain types of organization. The most successful users of JIT are currently car assembly plants, which make large numbers of similar products in a continuous process. You can see why this is, from the following arguments. Every time there are changes to a process, or it switches from making one product to making another, there are delays, disruptions and costs. JIT says that these change waste resources and should be eliminated. The level of production must allow a smooth and continuous flow of products through the process. Each part of the process should be fully utilized, so the process is likely to be a well-balanced assembly line. Deliveries of materials are made directly to the assembly line at just time they are needed. Suppliers must be able to adapt to this kind of operation. Lead times must be short or the delay in answering a request for materials becomes too long. This means working closely with the suppliers and even having hem build facilities that are physically close. As there are no stocks to give safety cover, any defects in materials would disrupt production. Suppliers must, therefore If something goes wrong, people working on the process must be able to find the cause, take the action needed to correct the fault, and make sure that it does not happen again. This needs a skilled and flexible workforce that is committed to the success of the organization. (source:- Donald Waters ( 2002) p.461) Benefits of JIT Manufacturing System The main benefits of JIT have been well famous within the literature. A carefully planned implementation of JIT can directly provide increased teamwork and employee involvement, as the organization works together to find areas of waste to target and work out ways to reduce waste in that area (Slack, Chambers, Johnston, 2007). This results in a simplification of the inventory management system, as well as business processes involved in inventory management. Supplier relationships and data regarding the business are used to identify specific areas where inventory improvements are required. Lower stock holding means a reduction in storage space which saves rent and insurance costs Areas previously used, to store inventories can be used for other more productive uses. As stock is only obtained when it is needed, less working capital is tied up in stock. Funds that were tied up in inventories can be used elsewhere. Throughput time is reduced, resulting in greater potential output and quicker response to customers. There is less likelihood of stock perishing, becoming obsolete or out of date Avoids the build-up of unsold finished product that can occur with sudden changes in demand. Defect rates are reduced, resulting in less waste and greater customer satisfaction. Less time is spent on checking and re-working the product of others as the emphasis is on getting the work right first time. (Source: www.ritalogisticsblog.wordpress.com/2010/04/12/advantages-and-disadvantages-of-just-in-time-jit-manufacturing-and-inventory-control-system/ (Accessed on 9th May 2011))Ã Disadvantages of JIT JIT has many strong points, there are weaknesses as well. In just-in-time, everything is very interdependent. Everyone relies on everybody else (Greenberg, 2002). Because of this strong interdependence with JIT, a weakness in the supply chain caused by a JIT weakness can be very costly to all linked in the chain. JIT processes can be risky to certain businesses and vulnerable to the supply chain in situations such as labour strikes, interrupted supply lines, market demand fluctuations, stock outs, lack of communication upstream and downstream in the supply chain and unforeseen production interruptions. Weakness of Just in time is a high danger plan because scheduling work is short period and the inventory degrees are kept to a minimal degree. In total quality of product is key issue with Just in Time conception. There is little room for mistakes as minimal stock is kept for re-working faulty product Production is very reliant on suppliers and if stock is not delivered on time, the whole production schedule can be delayed There is no spare finished product available to meet unexpected orders, because all product is made to meet actual orders Ã¢â¬â however, JIT is a very responsive method of production. The key characteristics of JiT 1 The main characteristic of Just Ã¢â¬â In Ã¢â¬â Time 1 is to reduce the inventory and the benefits while reducing the inventories. The purpose of Just Ã¢â¬â In Ã¢â¬â Time (JIT) is for organizations, aiming to minimize their inventory, to have material that is provided when required for use, minimizing any physical stock that is stored. JIT is not without its challenges, overproduction or procurement of excess material can conceal manufacturing issues or compensate for demand variability and these issues need to be resolved for Just in time inventory to be successful. Just Ã¢â¬â In Ã¢â¬â Time (JIT) works in the three types of inventories: 1) Raw Materials: Inventories provide insurance in case suppliers are late with deliveries. 2) Work in process: Inventories are maintained in case a work station is unable to operate due to a breakdown or other reason. 3) Finished Goods: Inventories are maintained to accommodate unexpected fluctuations in demand. JIT Inventory Management Justs: Just-in-time inventory management is used by Toyota Manufacturing as its inventory management system. The basic principle of JIT is Ã¢â¬Å"lean manufacturingÃ¢â¬ or reduction of inventory. Unlike the traditional accounting notion that considers inventory as adding and storing value, JIT considers inventory as waste and incurring costs. Lean Manufacturing:-Identification and elimination of waste is the central theme of a lean manufacturing production system. Lean manufacturing is a dynamic and constantly improving process dependent upon understanding and involvement by all employees. Successful implementation requires that all employees must be trained to identify and eliminate waste from their work.Waste exists in all work and at all levels in the organization. Seven Types of Waste are:- 1. Over Production:- Producing more than needed and producing faster than needed. Overproduction is to manufacture an item before it is actually required.Ã Overproduction is highly costly to a manufacturing plant because it prohibits the smooth flow of materials and actually degrades quality and productivity. The Toyota Production System is also referred to as Ã¢â¬Å"Just in TimeÃ¢â¬ (JIT) because every item is made just as it is needed. Overproduction manufacturing is referred to as Ã¢â¬Å"Just in Case.Ã¢â¬ This creates excessive lead times, results in high storage costs, and makes it difficult to detect defects. The simple solution to overproduction is turning off the tap; this requires a lot of courage because the problems that overproduction is hiding will be revealed. The concept is to schedule and produce only what can be immediately sold/shipped and improve machine changeover/set-up capability. Over-production results in higher costs for storage, Ã Lack of Communication,Ã Local Optimization, Automation in the Wrong Places,Ã Cost Accounting Practices and Lack of Stable/Consistent Schedules excessive lead times, and it makes detecting the defects quite difficult. The solution for over-production is to stop producing materials and only produce what can be immediately sold or shipped. Poor information flow is another reason that over-production occurs, hence why communication is so important in theÃ lean manufacturing process. 2. Unnecessary Inventory :- Work in Progress (WIP) is a direct result of overproduction and waiting. Having excessive inventory will lead to increased lead times, limited floor space, and poor communication. Too much inventory often masks problems from other areas as well. Generally an arrival of inventory can be traced to poor communication and batch processing. By achieving a unspoiled flow between work centres, many manufacturers have been able to improve customer service and slash inventories and their associated costs. 3. Waiting Times:- Whenever goods are not moving or being processed, the waste of waiting occurs. Delay refers to the waste of goods that are not moving. As you already may be aware, much of a products life is spent waiting for the next phase. The reason this is considered a waste is because the good should never be waiting. If they are waiting it is due to poor material flow, long production runs, and distances between work centres are too great. Goldratt (Theory of Constraints) has stated many times that one hour lost in a bottleneck process is one hour lost to the entire factoryÃ¢â¬â¢s output, which can never be recovered. Linking processes together so that one feeds directly into the next can dramatically reduce waiting. (source: www.emsstrategies.com) 4. Inefficient Transporting :- Moving your product from one location adds no value to your product. Many products are damaged or lost, casing a waste of money. Transporting also requires the use of material handlers, and this also adds no value to the product. This is one waste that is difficult to reduce or eliminate. Material handlers must be used to transport the materials,Ã resulting in another organizational cost that adds no customer value. Transportation can be difficult to reduce due to the perceived costs of moving equipment and processes closer together. Furthermore, it is often hard to determine which processes should be next to each other. Mapping the flow of your product may be one way you can gain a greater understanding of the transportation phase and learn how to reduce the costs. 5. Unnecessary / Excess Motion This waste is related to ergonomics and is seen in all instances of bending, stretching, walking, lifting, and reaching. These are also health and safety issues, Often the motion is not due to the employees behaviour, but the machine they are operating may be manufactured poorly and the employee is unable to turn a knob (or something similar) without using poor ergonomics. This waste leads to health and safety issues, which obviously lead to bigger problems in todayÃ¢â¬â¢s controversial society. Causes for excess motion is Equipment, Office Plant Layout, Lack of 5 SÃ¢â¬â¢s, Lack of Visual Controls, Inconsistent Work Methods (Standardized Work), Large Batch Sizes. 6. Inappropriate Processing:- Several companies purchase high precision equipment to do a simple job. High precision equipment often leads to over-production of goods. This can also encompass using the wrong suppliers or the wrong process to do a job. The causes of processing waste is Engineering Changes Without Processing Changes, Decision Making at Inappropriate Levels, Inefficient Policies and Procedures, Lack of Customer Input Concerning Requirements.Toyota is famous for their use of low-cost automation, combined with immaculately maintained, often older machines. Investing in smaller, more flexible equipment where possible; creating manufacturing cells; and combining steps will greatly reduce the waste of inappropriate processing. 7.Ã Rejects Defects:- Defects in the manufacturing process are a tremendous cost to a company. Any small defect directly impacts your bottom line and effects inventory, scheduling, inspection, and other factors. In many organizations the total cost of defects is often a significant percentage of total manufacturing cost. Through employee involvement and Continuous Process Improvement (CPI), there is a huge opportunity to reduce defects at many facilities. 5sÃ¢â¬â¢s 5S efforts almost always improve workplace safety, operator morale, quality, and throughput. A workplace organization tool/process that maximizes the cleanliness, organization, and safety of all elements in a working environment. 5S supports a smooth production process in various ways. Searching for tools is eliminated, flow principles are applied, and tools storage is done where they are needed most. Location indicators visualise how things have been organised, and non conformities are seen at once. The 5S method improves employees ownership and leads to substantial quality improvement, cost reduction as well as product and process safety The individual items within 5S are known as the pillars and are: 1. Sort: Clearing the work area.Ã Any work area should only have the items needed to perform the work in the area. All other items should be cleared (sorted out) from the work area.Ã It has been variously anglicised as Sort, Systematisation or Simplify by those wishing to retain the S as the initial letter of each element. It is the series of steps by which we identify things which are being held in the workplace when they shouldnt, or are being held in the wrong place. Put simply, we may identify a large area devoted to tools or gauges, some of which are needed regularly and some used infrequently. This brings all sorts of problems, including: Operators unable to find the item they need, being unable to see wood for trees. The time spent searching is a waste and if we only held the items needed regularly in a prominent position we would save time. Quality issues when gauges are not calibrated on time because too many are held. Safety issues when people fall over things. Lockers and racking cluttering the workplace making it hard to move around or to see each other and communicate. (www.training-management.com accessed on 10th June 2011) 2. Set: Designating locations.Ã Everything in the work area should have a place and everything should be in its place. Set is the series of steps by which the most favourable organisation identified in the first pillar are put into place. The standard translation is Orderliness but again some wish to keep the initial S and use Sort Set in order, Straighten and Standardisation. The sorting out process is essentially a continuation of that described in the Set phase. Removing items to be discarded or held in an alternative location will create space. This space will be visible and facilitate the alternative layout of the area. 3. Shine: Cleanliness workplace appearance.Ã Not only should the work area be clear, it should also be clean. Cleanliness involves housekeeping efforts, improving the appearance of the work area, and even more importantly, preventive housekeeping keeping the work area from getting dirty, rather than just cleaning it up after it becomes dirty. 4. Standardize:- Everyone doing things the same way.Ã Everyone in the work area and in the organization must be involved in the 5S effort, creating best practices and then getting everyone to copy those best practices the same way, everywhere, and every time. Work area layouts and storage techniques should be standardized wherever possible. Standardisation includes all the elements of setting out a consistent way of doing things. This includes standard manufacturing methodologies, standard equipment and tooling, component rationalisation, drawing standardisation, consistency in the documentation which accompanies work, design for manufacture (or concurrent engineering) and standardisation in the clerical processes which deliver work to the shop floor and track its progress. 5. Sustain:-The final stage is that of Discipline often listed as Sustain or Self-discipline. Ingraining the 5Ss into the culture.Ã Its tough to keep a 5S effort, or any improvement effort for that matter, going. The 5Ss involve a culture change. And to achieve a culture change, it has to be ingrained into the organization by everyone at all levels in the organization.Ã Ã Ã (www.training-management.com accessed on 10th June 2011) JIT II JIT II is a way to improve the customer-supplier relationship. JIT II uses systems integration which allows, sharing of information so that the relationship is more like a partnership (Pragman 1996). Essentially this equals more and more visibility throughout the supply chain, which equals better responsiveness and lower costs, the two main goals of supply chain management. JIT II, a customer-supplier partnership concept pioneered at Bose Corporation and now practiced by major companies and their suppliers, can aid in cutting both design and response lead time (Pragman 1996). This is talented through systems combination, which seeks ways to improve coordination between different functional areas, as well as bridges the gap between customer and supplier. With JIT II the suppliers have a person within the customers organization full time acting as a purchasing department employee for the customer firm. JIT II has really impacted the following areas: the administration of the purchasing function, logistics, concurrent engineering and value analysis and material stores and support services. In each of these areas the lead time reductions are greater with JIT II than with conventional JIT (Pragman 1996).Ã The administrative benefits of JIT II are due to the fact that the supplier is constantly available in-house. JIT II reduces administrative costs for both the customer and supplier because the purchasing costs are not all on the customer and the supplier gets all the business from that specific customer as it wants as long as things go well. Because the supplier is always present JIT II permits concurrent engineering and value analysis to take place on an ongoing basis, not just during sporadic sales calls (Pragman 1996). Challenges in JIT Concept There are two major challenges faced in Just Ã¢â¬â In Ã¢â¬â Time concept, they are cultural difference, stress on workers, transportation and estimation. 1) Transportation: The main motto or aim in Just Ã¢â¬â In Ã¢â¬â Time is to reduce/ minimise the inventory. Just Ã¢â¬â In Ã¢â¬â Time follows different system, in which raw materials order is placed to the suppliers when demand increases from the customers, these raw material then delivered from the suppliers to the manufacturing plant in a right time at a right place, when the raw material is received initially assembling process take place and finally finished products are being delivered to the customer. This process is like chain flow, to have a proper flow transportation place a major role and some companies are careful to use two or more suppliers for most of their assemblies. There are several challenges which are connected in transportation. When the order is placed to the suppliers, it is their responsibility to deliver the raw material to the manufacturing plant in actual time at exact place. While transporting there are many chances of accident, for example: when the raw material is being exported from one country to another country through shipping. Delay in delivering goods because of traffic, climatic condition and crossing country borders, for example: as India is highly populated lots of time is consumed in traffic (Roadways), delay in climate condition occur while transferring goods through airways and checking of documents passing clearness for the goods travelling from one countryÃ¢â¬â¢s border to another country this may also consume lots of time. In case, if any problem occurs in transportation the whole system is to be shut and finally resulting in loss of money,Ã customerÃ¢â¬â¢s satisfaction increase in Inventory (Stock). 2) Estimation: Most of the companies or firm suffer because of the word estimation/ prediction. In this system without any demand from the customer the manufacturing unit starts producing good and place bulk orders to the suppliers. Finally when the raw materials are converted into finishes goods there wonÃ¢â¬â¢t be customers to purchase it this may led to increase in inventory.Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã And in some companies, manufacturing unit collects limited raw material and produce limited finishes good but the customer demand will be high. So these companies suffer by loosing lots of customer. In this case company suffers from two major problem one is excess of finished product which result in high inventory or stock and another problem is shortage of finished product which lead to loss of customer. How Toyota Implemented Just in Time: Challenges Faced and Results The major challenges faced by Toyota inÃ implementing JITÃ included Multi-skilling the workforce to operate multiple machines based on work-flow patterns Redesigning every part of the vehicle to eliminate or widen tolerance since assembly lines did not have a choice of which parts to use and every part had to fit perfectly Testing andÃ trainingÃ suppliers of parts to assure quality and delivery in time on demand (brighthub.com, Accessed on 14th May 2011) Factories today just arent as efficient as they could be. JIT asserts that companies operate under the wrong ideas. The ideas, while logical, result in needless waste. Particularly, JIT challenges the following: As companies grow, functions tend to become specialized. Factory organization separates fabrication, assembly, shipping, and so on. But departmental production lacks synchronization. Bottlenecks form and cause large in-process inventory and long lead times. Finger pointing between departments to avoid responsibility abounds. (findarticles.com, Accessed on 14th May 2011) Produce to forecast. Forecasts, in varying degrees of sophistication, push production, in contrast to production being pulled by customers. Even the most sophisticated forecast isnt right; differences inevitably wind up in inventory. (findarticles.com, Accessed on 14th May 2011) Operations environments in which JiT is most useful The JIT philosophy has been used in the manufacturing industry for about forty to fifty years now, the system has not only increased productivity but also increased the quality of products, explorative studies have been completed in recent years to see if the JIT system can be applied to construction companies so that they can get the benefits of the system. Most of the research concluded that it can be implemented but with some modifications Pheng Hui (1998) As stated earlier JIT has proven to work well in the manufacturing sector, it is obvious why it is successful in the manufacturing sector, as it originated from a manufacturing industry. The concept Just Ã¢â¬â In Ã¢â¬â Time used in the following companies: Toyota Motor Company General Motors Ford Motor Company Harley Davidson Manufacturing Magic Hawthorne Management Consulting Dell Computers. (Source: www.accountingformanagement.com/just_in_time.htm#Just-In-Time Concept (Accessed on 10th June 2011) Just Ã¢â¬â In Ã¢â¬â Time (JIT) Used in Dell: Dell has also leveraged JIT principles to make its manufacturing process a success. DellÃ¢â¬â¢s approach to JIT is different in that they leverage their suppliers to achieve the JIT goal. They are also unique in thatÃ DellÃ is able to provide exceptionally short lead times to their customers, by forcing their suppliers to carry inventory instead of carrying it themselves and then demanding (and receiving) short lead times on components so that products can be simply assembled by Dell quickly and then shipped to the customer. Important factors to DellÃ¢â¬â¢s success: Dependable suppliers with the ability to meet Dell are demanding lead time requirements. A seamless system that allows Dell to transmit its component requirements so that they will arrive at Dell in time to fulfil its lead times. A willingness of suppliers to keep inventory on hand allowing Dell to be free of this responsibility. (Source: www.brighthub.com/office/project-management/articles/71540.aspx (Accessed on 10th June 2011) Just Ã¢â¬â In Ã¢â¬â Time (JIT) Used in Harley Davidson: Harley DavidsonÃ¢â¬â¢s use of JIT is mostly characterized by its transformation in the late World War 2 era from an inefficient manufacturer that solved all of its problems with extra inventory to a nimble manufacturer able to meet demand and provide short lead times. Results of Harley DavidsonÃ¢â¬â¢s JIT implementation: Inventory levels decreased 75%. Increased productivity. Harley DavidsonÃ¢â¬â¢s success with the implementation of JIT had a lot to do with the fact that when JIT was put into practice, process problems could no longer be hidden by costly inventory that helped to meet ship dates. The inefficiencies in the processes were quickly identified and solved. (Source: www.brighthub.com/office/project-management/articles/71540.aspx (Accessed on 10th June 2011) Toyota, Dell and Harley DavidsonÃ¢â¬â¢s are the successful companies/ firm which use Just Ã¢â¬â In Ã¢â¬â Time (JIT). They produce the effective products according to the customer needs and they these three companies have achieved a competitive advantage within the industries by utilizing Just Ã¢â¬â In Ã¢â¬â Process (JIT) concept. Operations environments in which JiT is most less useful The Just Ã¢â¬â In Ã¢â¬â Time (JIT) concept is used and being useful in many of the firms/Industries especially in manufacturing sectors. But there are some companies were Just Ã¢â¬â In Ã¢â¬â Time (JIT) concept cannot be adopted, like drug/medicine manufacturing companies and in the pharmaceuticalÃ companies. Just Ã¢â¬â In Ã¢â¬âTime (JIT) is all about minimising or reducing the inventories, this concept will not be applicable in these companies.Ã In this case manufacturing sector cannot predict like sickness, spread of deceases, accident and natural calamities. In this field people cannot demand for the product often, then it wonÃ¢â¬â¢t be possible for the manufacture to place order for the raw materials from suppliers, next is assembling process and finally it is impossible to deliver the finished product to the customer at the right time in the right place, mean time the person may die. In this particular sector there must be a large bulk of inventories, the process should be in a continuous flow and Just Ã¢â¬â In Ã¢â¬â Time is impossible to implement. Just Ã¢â¬â In Ã¢â¬â Time (JIT) would not necessarily improve a drug companys bottom line. Making all pharmaceutical manufacturing processes robust enough that you can do JIT might not be a good business decision because it might cost you more to make the process robust and get it reregistered than the value of having reduced inventory. On the other hand, generic-drug companies might be more eager to adopt Just Ã¢â¬â In Ã¢â¬â Time (JIT) manufacturing than innovator compan ies. Generic-drug manufacturers are more prone to driving manufacturing innovation to reduce cost because their margins are razor thin compared with the branded products, which provides advisory services in the global supply chain and enabling technology. A drug maker would not necessarily achieve the same level of success with Just Ã¢â¬â In Ã¢â¬â Time (JIT) manufacturing as a carmaker has, and it would be misguided for a drug company to adopt JIT principles just because it works for Toyota, Dell and Harley DavidsonÃ¢â¬â¢s. Financial and manufacturing considerations are different in the pharmaceutical and automotive industries. JIT principles that work for a carmaker might not be appropriate for all drug-production processes. (Source: Is JIT Manufacturing the Right Prescription, by Erik Greb, pharmaceutical technology, Volume 33, Issue 3, PP. 72-78) CHANGES THAT MIGHT IMPROVE JIT IN THEORY /PRACTICE Researchers such as Crawford et al (1988) suggested that an obvious aspect for successful implementation of JIT is the commitment of sufficiently large resources in education and training to overcome the cultural resistance to change. Secondly they stated that the JIT implementation requires that the company focus on total quality control and total preventive maintenance in the early stages of implementation process, both these steps are needed in order to consistently perform to schedule. Other indicated actions to ensure performance to schedule include cross training workers and stabilizing the master production schedule. Conclusion Just-in-time manufacturing can be a positive influence on a company.Ã However there are many risks associated with attempting to implement JIT manufacturing techniques.Ã When looked at it appears to be a very simple, quick, and easy thing to do.Ã In reality it is a very complicated technique that takes long term commitment and a initial cost with no guarantee of success.Ã The most important thing for the company is to have good organized resource allocation. Also, the management and employees must have on their mind that this concept can help the organization to solve many problems in logistics. If implemented successfully it would eliminate waste, make the company more productive and more efficient.Ã It does this through shorter transportation and increased communication.Ã Although there are many companies that are successful, many companies are not.Ã Even though there are massive risks many still consider implementing JIT for it many advantages. The JIT concept is only one part in the value chain that brings the satisfaction to the customers. It means that the JIT concept cannot must solve existing problems in other organization processes. Everything in enterprises is needed to be healthy, through the hierarchy of employees and all workflow processes. Synergy is the only thing that can improve business results. And in the bottom line, the JIT concept is just one link in the whole chain, but very important. Reference: Donald Waters (2002) Operations Management Producing Goods and Services (second edition) London: Financial Times Prentice Hall. Pragman, Claudia. JIT II: a purchasing concept for reducing lead times in time-based competition. (just-in-time management). Business Horizons, July-August 1996 v39 n4 p54(5). http://ritalogisticsblog.wordpress.com/2010/04/12/advantages-and-disadvantages-of-just-in-time-jit-manufacturing-and-inventory-control-system/ www.tutor2u.net/business/production/just-in-time.html (Accessed on 10 June 2011)) Slack, N., Chambers, S., Johnston, R. (2007). Operations Management (5th ed.). London: Financial Times Prentice Hall. customwritten.com/Writing/jit-inventory-management-restaurant-paper.html www.ritalogisticsblog.wordpress.com/2010/04/12/advantages-and-disadvantages-of-just-in-time-jit-manufacturing-and-inventory-control-system/(Accessed on 10th May 2011)) http://etidweb.tamu.edu/ftp/entc412/Archive/Lean1.pdf emsstrategies.com/dm090203article2.html http://inventory-management.bestmanagementarticles.com/a-39335-just-in-time-jit-inventory-modelis-it-effective.aspx brighthub.com/office/project-management/articles/71901.aspx#ixzz1OniaZg4Z training-management.info/5s.htm http://ritalogisticsblog.wordpress.com/2010/04/12/advantages-and-disadvantages-of-just-in-time-jit-manufacturing-and-inventory-control-system/ www.chartitnow.com/5S.html (Accessed on 10th May 2011) emeraldinsight.com/journals.htm?articleid=1510084show=abstract The concept again by collocating supplier and customer, by Schonberger Gilbert (1983) and Pheng Hui (1998) Pharmtech.findpharma.com/pharmtech/article/articleDetail.jsp?id=584969sk=date=pageID=2 (Accessed on 10th June 2011) Is JIT Manufacturing the Right Prescription, by Erik Greb, pharmaceutical technology, Volume 33, Issue 3, PP. 72-78 Findarticles.com/p/articles/mi_m1038/is_n4_v39/ai_18485578/?tag=content;col1 (Accessed on 10th June 2011)
Sunday, November 24, 2019
Best ACT Math Practice Tests How to Find and Use Them SAT / ACT Prep Online Guides and Tips Whatever your ACT Math prep plan, whether youÃ¢â¬â¢re doing self-study, a class, or working with a tutor, you need to be working with real ACT Math practice materials. The ACT Math test will be unlike any other Math test youÃ¢â¬â¢ve taken. You need to work with the real material to get used to the pacing and style of this unique test. In this short guide, IÃ¢â¬â¢ll let you know where to find free and paid official ACT Math practice tests. Best ACT Math Practice - Free and Official These tests are totally free. We've gathered together all of them in one place for your convenience. ACT Math Free Online Sample Test This test format can be a little clunky to use, but it's convenient and online. Answer all choices on the page. Then, click answer at the bottom to see the answers to the question. Once youÃ¢â¬â¢ve checked your answers, youÃ¢â¬â¢ll be able to move on to the next page.There are 12 questions per page with five pages for a total of 60 questions (just like the real ACT Math section which has 60 questions). To keep the timing realistic, I recommend that you give yourself 12 minutes per page (which is 1 minute per question) since you get 60 minutes for 60 questions on the actual ACT Math section. Take as much time as you need to check your answers on the given page. Then, move on to the next page and give yourself another 12 minutes. PDFs: ACT Practice Test 2015-2016 (Form 72CPRE):Math Section Pages 24-31, Answers Page 57 ACT Practice Test 2014-15 (Form 67C):Math Section Pages 24-31, Answers Page 56 ACT Practice Test 20-12 (Form 64E):Math Section Pages 26-33, Answers Page 61 ACT Practice Test 2008-09 (Form 61C):Math Section Pages 26-33, Answers Page 61 ACT Practice Test 2005-06 (Form 59F):Math Section Pages 26-33, Answers Page 61 You might notice a few years are missing, and that's because the ACT duplicates the same test in different years. For example, the 2013-14 test is identical to the 2014-15 test. We've included the Form ID with each test so that you can check this for yourself (you can see the Form ID in the bottom left of each page on the test). Best ACT Math Practice - Paid and Official While studying for the ACT Math section, youÃ¢â¬â¢ll want more than six official ACT practice tests.I highly recommend The Real ACT 3rd Edition. The book only costs about $20, and itÃ¢â¬â¢s got five official Math practice tests. The book is written by the makers of the ACT, so itÃ¢â¬â¢s the real deal.Don't both buying Kaplan or Princeton Review for practice tests - their quality is far inferior to the tests put out by the ACT. If you want to get in a couple more practice ACT Math tests, I also recommend the ACT Online Program, though itÃ¢â¬â¢s less cost effective at $25 for two extra practice tests.It also includes an online prep program, but itÃ¢â¬â¢s not good. If you make the purchase, just do it the practice tests, if you need it. The ACT Math practice possibilities are (near) endless! Other ACT Math Materials In general, I recommend against using any ACT Math practice tests that were not written by the ACT as theywonÃ¢â¬â¢t providerealistic practice.You want to use real practice materials so that you ensure youÃ¢â¬â¢re taking tests that reflect the actual content and difficulty of the real ACT. If you take practices tests made by other companies, they may be more or less difficult and may not include all of the content on the real ACT.However,unofficial tests can be a great way to practicemath skills if not trying to practiceACT-style questions. ACTMath, more than any other section, is based on knowing the math content, so having plenty of materials to practice the different math skills required is important and bad formatting doesn't matter as much. Check out our massive collection of ACTstudy material for some official and unofficial tests. If you still want more ACT study material, check out our guide to the best ACT prep books. How to Use These ACT Math Practice Tests in Your Prep Even if you purchase all of the real ACT Math practice tests, you will only have 13, and each one of these tests will take you an hour, so you want to make sure you get the most out of each one. Here are my top three tips to best use your ACT Math practice tests: Tip #1:Take Math Practice Tests Under Realistic Conditions Take the math section in one sitting with accurate timing. Use a watch to time the one-hour math section. Sit for the full hour! ItÃ¢â¬â¢s not that long! You need to sit for the full test so that you get used to the timing and learn to pace yourself. You only get 60 minutes for 60 questions. The questions progress from easy to hard.YouÃ¢â¬â¢ll need to work on spending less thana minute per question on the first part of the ACT Math section so that you have a little more than a minute per question to answer the harder questions at the end of the Math section. Do not give yourself any extra time.This can allow you to do extra questions and improve your score. We want to use these practice tests as reliable indicators of your real score so stick to the real timing. NOTE: realistic practice means obeying all of the rules of the test. You're only allowed to have your calculator for the math section. You should not have your phone out. You should be using a pencil. Read our full guide to realistic practice. Tip #2: Review Your Mistakes When you finish your Math practice tests, score your Math test.Look at every mistake you made and try to figure out where you went wrong.If you skip this step, you're not going to learn from your mistakes, and you'll continue making them over and over again. I recommend spending at least 30 minutes to an hour reviewing your ACT math test.It may seem like a lot of time, but itÃ¢â¬â¢s necessary to take this time so that you learn from your mistakes.ItÃ¢â¬â¢s better for you to take three ACT Math practice tests with detailed review than six with no review. Think quality over quantity! Tip #3: Supplement With Skill Work There are some students who can see improvement in ACT math by just taking practice tests and familiarizing themselves with the pace and style, but that is rare. The majority ofstudents need to do a more in-depth review of math skillsthat they might have forgotten, never learned, or never quite mastered. If you find you're not improving on your practice tests, I recommend that you look atour individual Math content guides. These articles tacklespecific math subject areas (i.e. Linear Equations, Trigonometry, etc.) that you need to know to succeed on the ACT Math section. When you review your first practice test, figure out the reason you got each math question wrong:was it due to misreading a question? Or not knowing the content?If you didn't know the content necessary tosolve the question, then you need to review that content! Tip #4: Get Additional Help If You Need It! If youÃ¢â¬â¢re not improving your score, you should supplement the practice tests with extra prep work, either a tutor, class, book (such as the ones linked to above) or a program.While some students may be able to learn from their mistakes on practice tests, the majority need additional guidance to point out their weaknesses and to help them improve. However, a good prep program should be personalized to your needs, focusing on your area of weakness while not wasting your time covering topics that youÃ¢â¬â¢ve already mastered. WhatÃ¢â¬â¢s Next? Now that you know where to find ACT Math practice tests, you might want to take a look at our ACT math guides to help you study any individual ACT math topic from ratios to rotations, points to probabilities;we've got you covered. Stuck on an ACT math problem? Whether you're stuck on a study guide, a practice test, or you're worried about getting stuck on test day, don't sweat it. We'll show you how to figure out when you're really stuck and what to do about it. Need more help with ACT Math? We've compiled the best ACT Math guides into one ultimate ACT math study guide. No more searching for ACT math tips and resources- they're available here. Want to improve your ACT score by 4 points? Check out our best-in-class online ACT prep program. We guarantee your money back if you don't improve your ACT score by 4 points or more. Our program is entirely online, and it customizes what you study to your strengths and weaknesses. If you liked this Math lesson, you'll love our program.Along with more detailed lessons, you'll get thousands ofpractice problems organized by individual skills so you learn most effectively. We'll also give you a step-by-step program to follow so you'll never be confused about what to study next. Check out our 5-day free trial:
Thursday, November 21, 2019
The Effects of The Financial Crisis of 2008 on the UK Economic Growth - Dissertation Example The author of the essay "The Effects of The Financial Crisis of 2008 on the UK Economic Growth" begins with short abstract and introduction. The author mentions that the financial crisis of 2008, also known as the great recession is considered by a number of economists as being the worst financial crisis after the Great Depression in 1930. Leading to the collapse of a number of financial institutions, bailout of banks and downfall in the stock markets it reflected through the growth and development of many of the advanced, developing and underdeveloped nations of the world. It significantly hit the housing market of nations, resulted in many evictions and foreclosures and high and prolonged unemployment too. The present project seeks to bring forth the impacts of the financial crisis on the economic growth of United Kingdom. Economic activity in the United Kingdom faced a downfall during the first half of 2008 and finally came to a standstill till its end. Initially a small stimulus was provided by the government; however, with the gathering momentum of the financial crisis, UKÃ¢â¬â¢s labor market dramatically weakened finally leading to a considerable extent of unemployment. The project seeks to bring forth the evaluation of the financial crisis of 2008 on the economic growth of United Kingdom. In the end, the author sums up that even though the fall in employment levels during the crisis of 2008 was much lower compared to the previous phases of recession, the impact on the nationÃ¢â¬â¢s growth was found to be significant.