Strategic Management Accounting| JUST-IN- TIME (JIT) MANUFACTURING PHILOSOPHY_ MCDONALD’S

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Description

Most organizations experience problems in inventory control that results every time products are held to fulfill anticipated future demand.  Shim, Siegel and Dauber (2008) posits that cost inventory remains the vastest liquid asset under the management’s control. As such, it is critical to come up with a production and inventory planning system that will alleviate both purchasing and transportation costs. It is for this reason that most modern organizations have adopted one of the most popular production and inventory control approaches- Just-in-time (JIT): McDonald’s being one of them.  Thus, this task will particularly focus on: illustrating how the Just-in-Time (JIT) manufacturing philosophy has been successfully applied at McDonald’s; and provide a detailed explanation about how this system can affect the company’s cost management systems.