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Total Cost Minimization - Essay Example
Author : mgoldner
Engineering and Construction
Pages 3 (753 words)
Total Cost Minimization [Name of Student] [Name of Institution] Introduction That about 60 million automobiles are manufactured in a year points to the economic and industrial force that the automotive industry is. In fact, the automotive industry consumes almost half of all world’s oil and directly or/and indirectly employs more that four million people…
This paper explores the difference between the past and the present automobile engineering world, giving examples of Toyota and Ford. Specifically, the paper discusses the past and present economic issues, the growth and development of the manufacturers, and the changes in production speed by the manufacturers. The Past and Current State of the Industry The automobile industry has been in existence for slightly more than one hundred years, having begun in France and Germany. However, the industry grew, developed, and came of age in the United States until the current times where automobile production is done in a rather mass scale (Toyota Motor Corporation, 1988). The main areas of noticeable growth in the automobile industry are vehicle efficiency, volume, safety, choices, and features (Papatheodorou, 2007). The automotive industry has thus not lagged behind in industrial and technological development and has stayed abreast with the 20th and the 21st century industrial and technological developments. ...