Wize University Managerial Accounting Textbook > Managerial Accounting and the Business Environment
Business Process Management
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Business Process Management
Lean Production
Lean production is an approach to management that focuses on cutting out waste, whilst ensuring quality. This approach can be applied to all aspects of a business – from design, through production to distribution.
Lean production aims to cut costs by making the business more efficient and responsive to market needs.
Just-in-time (JIT) Production
- Aligns raw-material orders from suppliers directly with production schedules.
- Increases efficiency and decreases waste by receiving goods only as they need them.
- Reduces inventory costs.
- Requires producers to forecast demand accurately.
Activity-Based Costing
- Assigning cost based on the activities of various departments
- More accurate way of estimating production cost
Enterprise Risk Management
- Process of planning, organizing, leading, and controlling the activities of an organization.
- Minimizes the effects of risk on an organization's capital and earnings.
Types of Risk
- Financial
- Operational
- Technological
- Human Resource
Practice: Business Process Management
Choose the best answer(s) for the following questions.
Which of the following is not a benefit of just-in-time production?