Discuses the relationship of cost and production in both short and long- terms manufacturing.
Written in 2008; 960 words; 5 sources; APA; $ 34.95
Paper Summary:
This paper explains that getting a product to the consumer is a linear process in which each step requires different production and cost considerations. The paper points out that the short-term issues of production and cost involves reducing the cost of individual components; whereas, the long term production and cost issues can redirect economics to improve production through various means while still attempting to reduce short-term production costs. The paper presents the just-in-time mode, developed by the Toyota Motor Corporation, in which suppliers provide just the required amount of a raw material or product in just the time that a manufacturer or market demands that item.
From the Paper:
"Short-term concerns are those dealing with the procurement of raw materials and potentially repurposing manufacturing machinery to meet the needs of a new product. While long-term production costing involves reducing set up time and even specializing equipment to manufacture goods more effectively. Long-term production and cost issues can also more effectively focus on prevention expenditures as presumably a product outlook is healthier than it was at an earlier time and can absorb the short term costs of such applications to help avoid unforeseen costs in the future."
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