Supply Chain Task 1

1. As I began my journey as a new business owner of a computer company I needed to define my company 's goals, decide which direction I wanted to take the company to and create a mission statement that will best represent my company. Since the company was new I needed to come up with something catchy and promising that would invite potential clients to find out more about the products we offer. Since there were more participants in this game and from my professional experience I learned that staying on the same path and making advancements is more beneficial than trying to change directions every time. In this case I remained focused on the same two groups for the remaining 3

The amount of work in progress is minimized. Fewer tools are needed. The parts do not have to travel between the work stations. The control systems becomes redundant, everything takes place in the garage.

A budget is a tool used by businesses to plan for upcoming revenues and expenses. Businesses understand the difficulty of planning for the future. Circumstances

A budget is how a business manages their money by predicting the amount the company is going to spend. The two types of budgeting our:

To increase the cost and improve the safety of employees products. They need to also update everything to the new modern equipment and train every employee on how to work the new equipment. And make sure that they meet the US Safety standards.

Budgeting is crucial in the well-being of a company especially the financial health status of a company. In fact, no professionally managed firm would fail to budget, since the budget establishes what is authorized, how to plan for purchasing contracts and hiring, and indicates how much financing is needed to support planned activity. It is routine for a company to budget for its expenses. Expense budgets act as a guideline of how much revenue a company would require keeping the activities running. It is used to set the company’s targets for a certain period.

these goals. Productivity goals can also be set so that there are targets to reach for that

9- Decrease both finished and raw material inventory, thus making the system efficient and reducing the overall cost.

It serves as a framework for designers to organize their information and make it clear. Inspired by the Constructivism approach, Swiss designers preferred asymmetrical layouts and used the grid as an organization tool to provide an overall orderly and unified structure.

The concept of Heijunka was originally developed for the automotive industry by Toyota. Heijunka was defined as the foundation of the Toyota Production System approach to just-in-time processes. Inventory costs are minimized by having the parts required arrive at their point of use only as they are needed. Heijunka is the process of removing unevenness or irregularity within the process in order to reduce waste in the production [1]. It is a Japanese term meaning “leveling”. The goal of heijunka is to reduce the fluctuating customer demand which can result in increased overtime. Pushing a process toward an ideal smoothness in production also pushes the process to the highest degree of flexibility and responsiveness to

Budgeting is not only useful for a business organization but it is also useful for personal planning and spending. The existence of a well structured budget within an organization or a personal budget tells how well a person or the business is organized. From a business perspective regardless of the type and size a budget is an important recipe for success and smooth running of the business. The key steps in the operational budget are:-

The uses of budgeting go beyond planning and control. Budgets serve a co-ordination role in assuring that individual plans do not conflict and that product and market coverage is complete. Budgets serve a communication role in that they create a better understanding of the strategy and programmes of the company. Budgets also contribute to the motivation of managers for better performance and to improved job satisfaction since they are integrated into many performance measurement and reward schemes.

Budgets are a detailed set of financial plans of an organization for its future. However, budgets are more than a mere numerical expression; budgets are used for planning and control. For an organization, budgets serve to provide a goal and the gather feedback as to the execution of and the modification of those goals. Budgets can provide the basis for deciding whether to undertake a capital improvement project, to hire additional staff, or to borrow from a financial institution. The budget will “communicate management’s plan throughout the organization, allow members to coordinate plans, serve as benchmarks and allocate resources where it will be more beneficial (Noreen, 369) ---REWORD

budget is considered as a standard to facilitate control work activities of the organization. Budgets are planning tools prepared firstly to start the period being budgeted. Valuable information about the performance contains of the difference between the actual results and the planning budgets. Therefore, budgets are both planning tools and performance evaluation.

A budget is prepared to have effective utilisation of funds and for the realisation of objectives as efficiently as possible. Budgeting is a powerful tool to the management for performing its functions efficiently.