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2003finance

2003finance

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Published by Srinivas Devegowda

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Published by: Srinivas Devegowda on Jan 30, 2008
Copyright:Attribution Non-commercial

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06/14/2009

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BHAVANS INSTITUTE OFMANAGEMENT
MYSORE
SUBJECT:FINANCEASSIGNMENT ON:FINANCEPROJECTSUBMITTED TO:RUDRA MURTHY 
SIR
FINANCE DEPARTMENTBHAVAN’S INSTITUTEMANAGEMENTMYSORESUBMITTED BY :SRINIVAS.D 2
ND
SEM{P.G.P.M}BHAVAN’S INSTITUTE OFMANAGEMENTMYSORE
 
 DATE:21-01-2008 DA:MONDAY 
JIT - BACKGROUND AND HISTORY
 JIT is a Japanese management philosophy whichhas been applied in practice since the early1970s in many Japanese manufacturingorganisations. It was first developed andperfected within the Toyota manufacturing plantsby Taiichi Ohno as a means of meeting consumerdemands with minimum delays. Taiichi Ohno isfrequently referred to as the father of JIT. Toyota was able to meet the increasingchallenges for survival through an approach thatfocused on people, plants and systems. Toyotarealised that JIT would only be successful if everyindividual within the organisation was involvedand committed to it, if the plant and processeswere arranged for maximum output andefficiency, and if quality and production programswere scheduled to meet demands exactly. JIT manufacturing has the capacity, whenproperly adapted to the organisation, tostrengthen the organisation's competitiveness inthe marketplace substantially by reducing wastes
 
and improving product quality and efficiency of production. There are strong cultural aspects associated withthe emergence of JIT in Japan. The Japanese workethic involves the following concepts.
Workers are highly motivated to seekconstant improvement upon that whichalready exists. Although high standards arecurrently being met, there exist even higherstandards to achieve.
Companies focus on group effort whichinvolves the combining of talents and sharingknowledge, problem-solving skills, ideas andthe achievement of a common goal.
Work itself takes precedence over leisure. It isnot unusual for a Japanese employee to work14-hour days.
Employees tend to remain with one companythroughout the course of their career span. This allows the opportunity for them to honetheir skills and abilities at a constant ratewhile offering numerous benefits to thecompany.
JIT
`Just-in-time' is a management philosophy and not atechnique.

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