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After completing this chapter, you should be able to: Compute product costs under a traditional, volume-based product-costing system; explain how an activity-based costing system operates, including the use of a two-stage procedure for cost assignment, the identification of activity cost pools, and the selection of cost drivers; explain the concept of cost levels, including unit-level, batch-level, product-sustaining-level, and facility-level costs;. | Lecture 28: Measuring and Managing Process performance (Continued) JUST-IN-TIME MANUFACTURING JIT manufacturing requires making a product or service only when the customer, internal or external, requires it. It uses a product layout with a continuous flow—one with no delays once production starts. This means there must be a substantial reduction in setup costs in order to eliminate the need to produce in batches; therefore, processing systems must be reliable. Just-In-Time (JIT) Powerful strategy for improving operations Materials arrive where they are needed when they are needed Identifying problems and driving out waste reduces costs and variability and improves throughput Requires a meaningful buyer-supplier relationship JIT and Competitive Advantage Figure 16.1 4 JIT Manufacturing and Management Accounting JIT production system include: 1. Defect rates. 2. Cycle times. 3. Percent of time that deliveries are on time. 4. Order accuracy. 5. Actual production as a percent of planned production. 6. Actual machine time available compared with planned machine time available. KAIZEN COSTING Kaizen costing is a system that provides relevant data to support lean/ JIT production systems. Kaizen costing focuses on reducing costs during the manufacturing stage of a product. Kaizen is the Japanese term for making improvements to a process in small, incremental amounts rather than through large innovations. Kaizen’s incremental approach is appropriate since products are already in the manufacturing process, making it difficult to make large changes to reduce costs. KAIZEN COSTING Kaizen costing is tied into the profit-planning system. In the Japanese automobile industry, for example, an annual budgeted profit target is allocated to each plant. Each automobile has a predetermined cost base that is equal to the actual cost of that automobile in the previous year. All cost reductions use this cost base as their starting point. Kaizen costing’s goal is to ensure that a . | Lecture 28: Measuring and Managing Process performance (Continued) JUST-IN-TIME MANUFACTURING JIT manufacturing requires making a product or service only when the customer, internal or external, requires it. It uses a product layout with a continuous flow—one with no delays once production starts. This means there must be a substantial reduction in setup costs in order to eliminate the need to produce in batches; therefore, processing systems must be reliable. Just-In-Time (JIT) Powerful strategy for improving operations Materials arrive where they are needed when they are needed Identifying problems and driving out waste reduces costs and variability and improves throughput Requires a meaningful buyer-supplier relationship JIT and Competitive Advantage Figure 16.1 4 JIT Manufacturing and Management Accounting JIT production system include: 1. Defect rates. 2. Cycle times. 3. Percent of time that deliveries are on time. 4. Order accuracy. 5. Actual production as a percent of .
