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No Value Added
No value added (NVA) is a management term loosely related to the lean manufacturing movement as codified in the 1980s by a landmark MIT study of the automobile industry, which explained lean production for the first time. No Value Added programs can be formal or whimsical. Generally, they involved seeking input and opinion from every level of the organization about rules, processes or process elements which are said to be "no value added". In one form, the proponent of an activity accused of being NVA must defend it, or suspend it. In a milder form, the proponent (or process owner) of an activity accused of being NVA is simply informed that it is seen in that light. Oddly, this milder form is often effective because in a large organization, the original reason for an activity can be long forgotten, similar to '' cabooses'' which came into use in the 1830s, but eventually had no useful purpose and became NVA. Some claim that this NVA is a jibe at ''Net Value Added'' accounting m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lean Manufacturing
Lean manufacturing is a methods of production, method of manufacturing goods aimed primarily at reducing times within the Operations management#Production systems, production system as well as response times from suppliers and customers. It is closely related to another concept called just-in-time manufacturing (JIT manufacturing in short). Just-in-time manufacturing tries to match production to Supply and demand, demand by only supplying goods that have been ordered and focus on efficiency, productivity (with a commitment to continuous improvement), and reduction of "wastes" for the producer and supplier of goods. Lean manufacturing adopts the just-in-time approach and additionally focuses on reducing Cycle time variation, cycle, flow, and Throughput (business), throughput times by further eliminating activities that do not add any Value (economics), value for the customer. Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts Institute Of Technology
The Massachusetts Institute of Technology (MIT) is a Private university, private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of modern technology and science. In response to the increasing Technological and industrial history of the United States, industrialization of the United States, William Barton Rogers organized a school in Boston to create "useful knowledge." Initially funded by a land-grant universities, federal land grant, the institute adopted a Polytechnic, polytechnic model that stressed laboratory instruction in applied science and engineering. MIT moved from Boston to Cambridge in 1916 and grew rapidly through collaboration with private industry, military branches, and new federal basic research agencies, the formation of which was influenced by MIT faculty like Vannevar Bush. In the late twentieth century, MIT became a leading center for research in compu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automaker
The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, repairing, and modification of motor vehicles. It is one of the world's largest industries by revenue (from 16% such as in France up to 40% in countries such as Slovakia). The word ''automotive'' comes from the Greek ''autos'' (self), and Latin ''motivus'' (of motion), referring to any form of self-powered vehicle. This term, as proposed by Elmer Sperry (1860–1930), first came into use to describe automobiles in 1898. History The automotive industry began in the 1860s with hundreds of manufacturers pioneering the horseless carriage. Early car manufacturing involved manual assembly by a human worker. The process evolved from engineers working on a stationary car to a conveyor belt system where the car passed through multiple stations of more specialized engineers. In the 1960s, robotic equipment was introduced, and most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Process Owner
A process is a series or set of activities that interact to produce a result; it may occur once-only or be recurrent or periodic. Things called a process include: Business and management *Business process, activities that produce a specific service or product for customers *Business process modeling, activity of representing processes of an enterprise in order to deliver improvements *Manufacturing process management, a collection of technologies and methods used to define how products are to be manufactured. *Process architecture, structural design of processes, applies to fields such as computers, business processes, logistics, project management * Process area, related processes within an area which together satisfies an important goal for improvements within that area * Process costing, a cost allocation procedure of managerial accounting *Process management (project management), a systematic series of activities directed towards planning, monitoring the performance and ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Caboose
A caboose is a crewed North American railroad car coupled at the end of a freight train. Cabooses provide shelter for crew at the end of a train, who were formerly required in switching and shunting; as well as in keeping a lookout for load shifting, damage to equipment and cargo, and overheating axles. Originally flatcars fitted with cabins or modified box cars, they later became purpose-built, with bay windows above or to the sides of the car to allow crew to observe the train. The caboose also served as the conductor's office, and on long routes, included sleeping accommodations and cooking facilities. A similar railroad car, the brake van, was used on British and Commonwealth railways outside North America (the role has since been replaced by the crew car in Australia). On trains not fitted with continuous brakes, brake vans provided a supplementary braking system, and they helped keep chain couplings taut. Cabooses were used on every freight train in the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Methods
In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting. * The cash basis method records income and expenses when cash is actually paid to or by a party. * The accrual method records income items when they are earned and records deductions when expenses are incurred. * The modified cash basis records income when it is earned but deductions when expenses are paid out. Both methods have advantages and disadvantages, and can be used in a wide range of situations. In many cases, regulatory bodies require individuals, businesses or corporations to use one method or the other. Comparison Accrual basis The accrual method records income items when they are earned and records deductions when expenses ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Added Value
{{One source, date=June 2010 Added value in financial analysis of shares is to be distinguished from value added. It is used as a measure of shareholder value, calculated using the formula: :Added Value = The selling price of a product - the cost of bought-in materials and components Added Value can also be defined as the difference between a particular product's final selling price and the direct and indirect input used in making that particular product. Also it can be said to be the process of increasing the perceived value of the product in the eyes of the consumers (formally known as the value proposition). The difference is profit for the firm and its shareholders after all the costs and taxes owed by the business have been paid for that financial year. Value added or any related measure may help investors decide if this is a business that is worthwhile investing on, or that there are other and better opportunities (fixed deposits, debentures). Example A jewelry business c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added
Value added is a term in economics for calculating the difference between market value of a product or service, and the sum value of its constituents. It is relatively expressed by the supply-demand curve for specific units of sale. Value added is distinguished from the accounting term added value which measures only the financial profits earned upon transformational processes for specific items of sale that are available on the market. In business, ''total value added'' is calculated by tabulating the ''unit value added'' (measured by summing unit profit — the difference between sale price and production cost, unit depreciation cost, and unit labor cost) per each unit sold. Thus, total value added is equivalent to revenue minus intermediate consumption. Value added is a higher portion of revenue for integrated companies (e.g. manufacturing companies) and a lower portion of revenue for less integrated companies (e.g. retail companies); total value added is very nearly ap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
