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The solution to making profit.
Member rating: No Rating | Words: | Submitted: Sat Nov 22 2003
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TOC - The solution to making profit_By Carlos E. Martinez ECON 595 For years we have experienced an unfulfilled need to search for better financial tools for a host of production challenges, including performance measurement, product costing, and decision modeling. Driven by the realization that the old cost-based systems don't tell the whole story they have sought to remedy the situation with such approaches as Direct Costing, ABC/ABM, and Strategic Cost Management among many others. Now, TOC offers a way to understand, analyze, and focus productivity improvement efforts based on their impact on cost and Throughput. Productivity improvement has been justified and directed according to a cost-based accounting system, which by definition focused attention on reducing costs and on local area improvements. Controllers know not to fully trust the numbers their department provides to make critical decisions based on this information-how to price products, whether we should make or buy a component, whether...
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