Inventory Management Essay Example | Topics and Well Written Essays - 1500 words - 1

Inventory Management - Essay Example This type of inventory management also enables Toyota to quickly adapt to the demand conditions and prevent wastage of expensive inventory (Monden, 2011). Samsung Electronics is one of the largest consumer electronics manufacturing companies. Samsung follows the Short Cycle Time and Low Inventory in Manufacturing (SLIM) type of inventory management system. It is the largest company, which manufactures digital integrated circuits. The company with the support of Leachman’s consultants had developed the SLIM inventory management technique whereby optimal use of resources gets facilitated. The SLIM inventory system has helped Samsung to calculate cycle times required in individual manufacturing stages and the time required in work in process stage. SLIM inventory systems also allow implementing heuristic algorithms at the factory floor (Leachman, Kang & Lin, 2002). Toyota’s integrated production design system begins with designing the flow of inventory, framing support measures, reducing lot sizes and determining set up time. The next stage in the process is to set up total quality control measures for detecting errors and faults in the production system. The third stage is to prepare the capacity schedule, which involves analyzing the amount of work that can be taken up by individual departments at a time. The integration of goods and services design of Toyota also includes implementing the Kanban system whereby lot sizes are reduced and controlled on the basis of demand pull. Toyota also works with suppliers and vendors for estimating the real time required for goods delivery and communicating the quality related expectations (Berry, Whybark & Jacobs, 2005). The integration process of Samsung’s production system mainly concentrates upon efficient management of targeted cycle times. In order to manage targeted cycle times, it becomes essential to allocate buffer

Advantages and disadvantages of the FairTax Act Term Paper - 2

Advantages and disadvantages of the FairTax Act - Term Paper Example In this regard, this essay will discuss the advantages and disadvantages of Fair Tax Act proposed in the U.S. To start with, the Fair Tax Act would result into several advantages to the citizens by using fair tax system. Firstly, the fair tax system is simple when compared to the existing system of taxation. One of the major aims of tax reforms is to simplify the taxation codes in order to save tax payers energy in terms of time and resources required to comply with tax returns (Garner, 2005). The existing federal taxation system is complex because of the many types of returns expected to be complied with making tax payers and even the government to incur extra expenses to acquire resources, such as documentations, that can help in compliance. In addition, different organizations have to higher financial experts to guide them in compliance to the federal tax code. Therefore, using a fair tax system would result into minimal usage of resources to comply with the taxation system hence saving the tax payers the additional costs associated with the existing tax code (Garner, 2005). Implementation of the Fair Tax Act would result into increased development in economic terms. According to Jokisch and Kotlikoff, implementation of the fair tax system would removes payroll taxes that reduce significant portions of generated income (2007). This makes sense because the fair tax plan taxes expenditure as opposed to the income thereby motivating people to work harder in order to generate more income for their personal development. In addition, the fact that the fair tax plan taxes consumption and not income encourages citizens to reduce their expenditure and increase on their savings something that indirectly stimulates economic growth. Lastly, the implementation of Fair Tax Act would result into ‘fairness’ in taxation of people or