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Kaizen costing is a cost reduction system used a product's design has been completed and it is in production. [1] Business professor Yasuhiro Monden [ 2 ] defines kaizen costing as The maintenance of present cost levels for products currently being manufactured via systematic efforts to achieve the desired cost level.
A kaizen process. Some successful implementations use the approach known as kaizen (the translation of kai ('change') zen ('good') is 'improvement'). This method became famous from Imai's 1986 book Kaizen: The Key to Japan's Competitive Success. [7] Key features of kaizen include:
Target costing is defined as "a disciplined process for determining and achieving a full-stream cost at which a proposed product with specified functionality, performance, and quality must be produced in order to generate the desired profitability at the product’s anticipated selling price over a specified period of time in the future."
Kaizen (Japanese: 改善, "improvement") is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen also applies to processes, such as purchasing and logistics, that cross organizational boundaries into the supply chain. [1]
Cost reduction is the process used by organisations aiming to reduce their costs and increase their profits, or to accommodate reduced income. Depending on a company’s services or products , the strategies can vary.
Quality circles were at their most popular during the 1980s, but continue to exist in the form of Kaizen groups and similar worker participation schemes. [2] Typical topics for the attention of quality circles are improving occupational safety and health, improving product design, and improvement in the workplace and manufacturing processes.
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.
Manufacturing may want to consider moving away from traditional accounting and adopting lean accounting. In using lean accounting, one expected gain is activity-based cost visibility, i.e., measuring the direct and indirect costs at each step of an activity rather than traditional cost accounting that limits itself to labor and supplies.