In recent years, the managerial concepts of target casting, just-in-time inventory systems, and lean manufacturing processes have received considerable attention from manufacturing companies. Increased competition in the marketplace and growing pressure have led companies to focus on cost-cutting measures wherever possible while still generating acceptable profits.
1. Briefly define each of these concepts.
2. Conduct online or library research for articles about companies that have successfully utilized target costing, just-in-time inventory systems, and/or implemented lean manufacturing practices.
3. Read and briefly summarize at least three such articles.
4. Choose one of these companies and write a memo to your classmates outlining the company's utilization or implementation of these concepts. Include their timeline, any problems encountered, and perceived benefits.