Principles of Lean Operating Systems Discussion
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Principles of Lean Operating Systems Discussion
Lean thinking refers to approaches that focus on the elimination of waste in all forms, and smooth, efficient flow of materials and information throughout the value chain to obtain faster customer response, higher quality, and lower costs.
Manufacturing and service operations that apply these principles are often called lean operating systems, initially developed and implemented by the Toyota Motor Corporation.
Lean
Eliminate Waste: Eliminate any activities that do not add value in an organization. Includes overproduction, waiting time, transportation, processing, inventory.
Increase Speed and Response: Better process designs allow efficient responses to customers’ needs.
Improve Quality: Poor quality reduces yields, requiring extra inventory, processing time, and space for scrap and rework. Do it right the first time.
Reduce Cost: Simplifying processes and improving efficiency translates to reduced costs.
Principles of Lean Operating Systems
Avoiding Wastes in Lean Systems
Inventory is any asset held for future use or sale with objectives of maintaining sufficient amount and variety to meet demands while incurring the lowest possible cost.
Inventory Management involves planning, coordinating, and controlling the acquisition, storage, handling, movement, distribution, and possible sale of raw materials, component parts and subassemblies, supplies and tools, replacement parts, and other assets that are needed to meet customer wants and needs.
Inventory Management
Raw materials, component parts, subassemblies, and supplies: inputs to manufacturing and service- delivery processes.
Work-in-process (WIP): partially finished products in various stages of completion that are awaiting further processing.
Finished goods: completed products ready for distribution or sale to customers.
In-transit inventory: items in in-bound or out-bound logistics links.
Safety stock: additional amount of inventory that is kept over and above the average amount required to meet just-in-case demand.
Types of Inventory
Inventory turnover, or the ability to make more sales with less investment in inventory: the higher the better (a measure of inventory productivity)
Inventory carrying costs, the expenses associated with keeping inventory in hand (obsolescence, storage, moving, etc.)
Shortage costs or stockout costs, or the costs associated with an item being unavailable to meet demand: the lower the better (to an extent).
Inventory Decisions & Costs
When inventory level is high (service level or order fill rate is high): stockouts and resulted, lost sales are less likely to happen but inventory carrying costs and obsolescence risks are high.
When inventory level is low (low safety stock): costs of keeping inventory in hand are minimized and inventory turnover is high but there is an increased risk of running out of stock and the customers may not be happy.
The question is how much inventory do you keep?
Inventory Trade-Offs
What type of driver are you and implications of your conscientious decision: costs (stops for gas, time, mileage, higher price of gas…), benefits (peace of mind, ready anytime), risks (running out of gas, fuel pump damage…)?
Can you analyze this?
Driver A vs. B
Monthly Retail Sales and Inventories, United States, 1992-2019
Monthly Retail Sales and Inventories, United States, 1992-2019
Fact 1: Retail sales have been going up. Fact 2: Retail inventories have been going up as well. Fact 3: Inventories/Sales ratios have been going down.
Question 1: What does inventories/sales ratio mean? Question 2: Why are they going down?
Think…
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