For More Course Materials, Ad Free Content, Handouts, Quizzes, Certification and Activities Click Here.
Inventory waste is any unnecessary storage of materials, products or information.
What is 100% Inspection?
100% inspection is just that, the act of checking or inspecting every single physical product or piece of information.
ISO 9000 is a group of international standards that has been developed and focuses on quality in the areas of management (quality management) and assurance (quality assurance). The standards were developed to help companies effectively document a quality system and its elements. The system also assists in the implementation and maintenance of an effective quality system.
The video above is from Lean Strategies International LLC's Quick Changeover with REDUCE Course.
Internal setup refers to the activities associated with elements of a setup procedure that can only be performed while a process or machine is not running.
The fishbone diagram is a structured analysis tool used to organize potential causes associated with a specific effect.
An inventory policy outlines the organization's vision, objectives and goals with regards to inventory. It will also define how the company intends to manage its inventory at all levels of the organization.
The Ideal State is a reference to the absolute perfect condition. One way to envision the ideal state of a map, process, product or service is to imagine that money, time and resources were not limited at all. What would you create then? Ideal state value streams are created many times to show the gap between the current state and the ideal state. This can help teams to reaffirm they are in alignment and ensure that the progress made is on track.
Inventory carrying cost, carrying cost, or cost of holding inventory is most often described as a percentage of the inventory value. The percentage is often unique to organizations and includes the amount of capital invested in inventory as well as depreciation, space occupied, insurance and opportunity.
Reference: Carrying cost of inventory: Investopedia
Subscribe below and receive lean, six sigma, operations, supply chain, logistics, distribution and business terms in your mailbox.