Questions No 21:
Explain how JYT could use Kaizen Costing to improve its future performance?
Kaizen Costing is a system that is used once production has commenced. Kaizen means improvement and it is applied by continually striving to improve. However, Kaizen does not look for large significant improvements; instead it is based around making small improvements continuously. It is a group effort in which everyone is involved. It should become part of every employee's daily routine to constantly look for ways to improve the workflow within the organization. Kaizen is based around a continuous circle of Plan, Do, Check, Act. Plan refers to the need to set a target for improvement as without a benchmark success cannot be measured. Do refers to the implementation of the plan. Check is the determination of whether the plan improved the process. Act means standardize the improved procedure so that it can be repeated.
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