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Assume that JIT is successfully implemented, Explain how JIT can help the industry through the...

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Accounting

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Assume that JIT is successfully implemented, Explain how JIT can help the industry through the operation management prospects.

Use this 4 to answer and explain in detail. 1.Production 2.Suppliers 3. Inventories 4.Cost

Case Study: JIT in Toyota Toyota first moved the JIT (Just-in-time) approach of continuous and forced problem solving via a focus on throughput and reduced inventory. Together with the TPS (Toyota Production System) and lean operations, JIT has catapulted the company to post WWII growth and has become the world largest automobile manufacturer. It has enhanced the competitive position of Toyota in the automobile industry and continues to grow from strength to strength over the years. The annual sales exceeded 9 million cars and trucks. The rest of the world has marvelled at this marvellous innovation that has also contributed to the economic growth of Japan as a triad economic nation of the world. Japan, as a nation has little natural resources and through sheer hard policy and cultural heritage, it has developed the intellectual property to enable Japan to become an economic power in the world, standing side-by-side with EU and USA

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