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Lean Management - Essay Example

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Masters
Essay
Finance & Accounting
Pages 9 (2259 words)

Summary

This paper shall discuss the agendas: 1.Being the financial director of Maniac Plc which deals with the production and sale of standard electrical goods. 2. Maniac Plc practices both standard costing as well as activity based costing system…

Extract of sample
Lean Management

From the research it can be comprehended that the models and concepts which influence the pricing decisions of a firm are management accounting decisions. The pricing strategy of a firm is influenced by several factors which include the fixed and variable costs of the firm and the environmental factors which include legal analysis and competitor analysis. Some of the specific concepts in cost accounting are lean accounting, resource consumption accounting, transfer pricing etc. Manufacturers need to consider various fields like the supply chain process, the assets risk to low cost etc. while determining an appropriate costing strategy for the firm. The term Lean Management means the principles that are used for lean production. The basic idea of the concept of lean manufacturing is to reduce the wastages incurred in any form in the firm. The wastages of the firm which can be minimized through the use of Lean Management principles are the defects in production as there is no proper utility of the product. The overproduction factor in firms usually leads to excess finished stock, inappropriate inventory control and the efficient less production system used. The concept of Lean Management is a derivative of the Toyota Production Systems (TPS). The TPS policy reduces the time gap between the customers’ order and the delivery to the customer. The JIT system of inventory also helps in nil wastage of stocks. ...
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