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creativ13 [48]
1 year ago
8

Discuss how the JIT concept differs between manufacturing and service companies.

Business
1 answer:
mylen [45]1 year ago
4 0

Similar to manufacturing, services use methods that add value to the raw materials required to make the finished product. JIT emphasizes the process rather than the end result. Therefore, it may be applied to any set of processes, whether they are involved in manufacturing or providing services.

In the context of the industrial and service industries, the Just in Time (JIT) system: Companies use just-in-time (JIT) inventory strategies to boost productivity and cut waste by only ordering products when they are actually needed for manufacturing, which lowers inventory expenses.

Between service and manufacturing organizations, there are five key differences: the tangible nature of their output; production on demand or for inventory; production tailored to the needs of a particular customer; labour-intensive or automated operations; and the requirement for a physical production location.

In reality, though, service and industrial firms have a lot in common. Many manufacturers have their own service departments, and both industries need trained workers to run a successful organization.

Learn more about JIT here:

brainly.com/question/16016464

#SPJ4

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Young Company budgets sales of $112,900,000, fixed costs of $25,000,000, and variable costs of $66,611,000. What is the contribu
xenn [34]

Answer:

41 percent

Explanation:

Given : Budgeted Sales $112,900,000

            Fixed Costs $25,000,000

            Variable Costs $66,611,000

Contribution margin =  Net Sales - Variable costs

                                  = $112,900,000 - $66,611,000

                                  = $ 46,289,000

Contribution Margin Ratio = \frac{Contribution\ Margin}{Net\ Sales}  = \frac{46289000}{112900000} =  41%

Contribution margin ratio indicates the percentage of sales remaining so as to cover a firm's fixed expenses. It also represents how much percentage of sales is required to cover the variable costs.

It is also expressed as , 100 - Variable cost ratio (in percentage)

6 0
3 years ago
Shen manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday,
IRINA_888 [86]

Answer:

The correct answer is option b.

Explanation:

Shen is working in a country where the inflation rate is high.  

He gets a salary every two weeks.  

After receiving his salary he immediately goes out and buys all the goods he is going to need over the next two weeks.  

He converts the remaining salary in a more stable currency.  

He does this in order to prevent his salary from losing purchasing power.  

This effort that he is making to prevent his real income from losing value is called the shoe-leather cost of inflation.  

The shoe-leather cost can be defined as the cost of time and effort made to prevent the cash holdings from losing their value.

3 0
3 years ago
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ki77a [65]
Overall improvement of quality.

The goal is to Increase profits by eliminating existing product variability, defects and waste that are undermining customer loyalty.

I found a diagram on google that’s colorful and looks helpful if you’d like to doodle it in your notes ☺️

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3 years ago
Use the drop-down menus to complete the steps for creating a subform.
Maksim231197 [3]

Answer:

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Explanation:

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7 0
2 years ago
Which of the following statements is true of simulated market testing?
mario62 [17]

Answer:

The correct answer is letter "B": It is used to monitor shopper behavior to assess a product's performance.

Explanation:

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