JCT Task 1 Essay

865 Words Oct 27th, 2013 4 Pages
Using Budgets and Pro-Forma Statements to Plan Funding:

The pro forma statements and budgets were instrumental in determining what additional measures needed to be taken to ensure progress within the company. By reviewing the pro-forma statements I was able to determine that I needed to raise the price of my product due to the fact that the target markets had indicated what they would pay for such product and the cost of production was over whelming the income received from sales. After the first quarter I was able to decide that changes needed to be made to not only the price of each product but additional products needed to be added to meet the needs of specific target areas. I was also able to determine by analyzing the budget
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As the quarters progressed it was evident that I needed to make changes regarding inventory. I was short units where needed and long in other places. As I progressed through the simulation I made production and manufacturing staff changes to increase volume where needed and decrease it with units that were not being sold as much.
Continuous Improvement:

A specific continuous improvement plan would have greatly benefited the simulation company by allowing changes to be made as necessary to achieve quality assurance goals. By constantly monitoring the manufacturing facility to problems or changes, it would be greatly increase efficiency and in turn increase profits. By using a continuous improvement strategy such as Top Quality Management the simulation company would have been able to effectively achieve quality assurance goals. Top quality management focuses on quality throughout the entire company, from the supplier to the customer. TQM has strong management commitment to strive for excellence with all aspects of the company. It places a huge emphasis on meeting the customer’s needs . With the process of continuous improvement a company believes that every process can be improved upon until pure perfections is reached, which never happens, but that is still the ultimate goal. One model of continuous improvement is Plan, Do, Check, Act, using this model the company would identify the problem and

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