Interrelationship Between Management Functions

RECENT APPROACHES TO MANAGEMENT

Just-In-Time Manufacturing

It is an inventory management strategy to improve returns on investment by reducing in process inventory and its associated costs. The system is implemented by the use of visual signals or KANBAN, which tells whether the replenishment is required at any level of production process or not.

Lean Manufacturing

It is a management philosophy focusing on reduction of seven wastes of overproduction, waiting time, transportation, processing, motion, inventory and scrap in any type of manufacturing process or any type of business. By eliminating waste, quality is improved, production time is reduced and cost is reduced.

Kaizen 

It is a Japanese word, which means ‘change for better’ or ‘improvement’. It is an approach to improve productivity through application of scientific techniques. The goals of kaizen include elimination of waste (which is defined as those activities which add cost but not value to the product or service), just-in-time delivery, production load leveling of amount and types, standard work, paced moving lines, right sized equipment and others. What is taken apart is usually a process, system, product or service. It is a daily activity which humanizes the workplace, eliminates hard work both physical and mental, teaches people how to do rapid experiments using scientific method and how to learn to see and eliminate waste in business processes.

Six Sigma

It is a data driven approach that can help any organization- whatever sector or field it might be operating in, to bring down inefficiencies and save time and money by reducing ‘quality variations’ it has a strong customer oriented approach that relies on data to create more efficient processes or refine existing processes. There should not be more than 3-4 defects per million opportunities according to prescribed norms. It can be applied to any process but needs unstilted organizational support.