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MGT 322

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Critical Thinking

The global marketplace has witnessed an increased pressure from customers and competitors in manufacturing as well as service sector (Basu, 2001; George, 2002). Due to the rapidly changing global marketplace only those companies will be able to survive that will deliver products of good quality at cheaper rate and to achieve their goal companies try to improve performance by focusing on cost cutting, increasing productivity levels, quality and guaranteeing deliveries in order to satisfy customers (Raouf, 1994).

Increased global competition leads the industry to increasing efficiency by means of economies of scale and internal specialization so as to meet market conditions in terms of flexibility, delivery performance and quality (Yamashina, 1995). The changes in the present competitive business environment are characterized by profound competition on the supply side and keen indecisive in customer requirements on the demand side. These changes have left their distinctive marks on the different aspect of the manufacturing organizations (Gomes et al., 2006). With this increasing global economy, cost effective manufacturing has become a requirement to remain competitive.

To meet all the challenges organizations try to introduce different manufacturing and supply techniques. Management of organizations devotes its efforts to reduce the manufacturing costs and to improve the quality of product. To achieve this goal, different manufacturing and supply techniques have been employed. The last quarter of the 20th century witnessed the adoption of world-class, lean and integrated manufacturing strategies that have drastically changed the way manufacturing firm’s leads to improvement of manufacturing performance (Fullerton and McWatters, 2002).

Consult chapter 7 of your text book or secondary available data on internet and answer the following questions.

Question:

1. Why Companies adopted Lean Thinking and JIT model?
2. Discuss major types of Waste, companies has to keep in mind during production.
3. Assess the reasons for using lean thinking (suitable examples), what are the benefits from Suppliers to end users?
4. Due to COVID 19 emergency do you think agile supply chain is the right concept in this kind of situation? Give reason with example.

The Answer should be within 4- 5 pages.

The Answer must follow the outline points below:

• Lean Thinking and JIT Concept
• Agile Supply chain
• Their Main functions
• Reasons with suitable Examples
• Reference

Answer 1

Lean Thinking is a methodological aspect of business which aims to provide innovative ways to organisations about how to organise human activities to serve the society and help indivuduals add perspective to their lives and reduce wasted. The companies adopt lean thinking to reduce the wastage of human resource and increase the productive capacity of the employees working.

JIT Model or Just-in-time Model is an inventory management model wherein the different aspects of production like labour, raw material, etc., are refiiled at the exact time when it is ultimately required. This model is used by almost all the organisations as through this model thr production is kept uninterupted and there is no wastage of time while any factor of production is exhausted.

The major types of waste that a company has to keep in mind includes mainly the wastage of raw materials, wastage of labour resource, power supply. etc.

Lean Thinking plays an intregal part in every organisation. Every organisation intends to reduce the wastage throughout the production process. Every organisation wants to keep their potential employees and a very important way is to keep the employee satisfied with the job , working conditions, pay scale, etc. Employees play the most important role as most of the production process depends on them therefore, lean thinking helps the suppliers to the end users.

Agile supply chain is a process of product distribution that is concerned with quick delivery of products, early responses to the market, cost saving, high productivity with flexibility. At this point of the emergency of COVID-19 agile supply chain is very useful as the World is under lockdown and the market is facing serious issues of scarcity of the necessity items that are demanded. As under lockdown major companies are completely shut which has resulted in the reduction in production in alot of the sectors and the Economy around the World is facing massive drop and in some countries the Economy is running negetive. This is the time to adopt agile supply chain Worldwide to save the market from reaching recession.

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