Prompt: Determine strategies for reducing infrastructure costs through the use of lean manufacturing, just in time (JIT), optimized production technology (OPT), theory of constraints (TOC), and capacity constraint resources (CCR) to improve supply chain efficiency and logistics.
What operations business strategy does the company use in producing its goods and/or services, and what continuous improvement techniques are used? What tools and metrics are used for forecasting customer demand?
How does sustainability play a part in the delivery of goods and services? To continue your analysis, you will need to gather information about lean practices and forecasting.
Information can generally be found on the organization’s main website, in the annual report and mission statement, and in articles authored by the company or outside analysts, such as ThomasNet.com, buy/sell sites (e.g., Jim Cramer), and investment companies (e.g., Fidelity, TD Ameritrade, or Vanguard).
As operations management students and professionals, you are encouraged to use your own experience, understanding, and knowledge of business and industry structure to drive your analysis. Specifically, the following critical elements must be addressed: III. Lean Practices in the Workplace and the
Supply Chain A. Determine opportunities for the company or organization to employ lean techniques to strengthen organizational performance while supporting current business operations. What is the potential outcome of using these lean techniques?
B. Determine opportunities for the company or organization to use just-in-time (JIT) practices, such as safety stock, to reduce inventory costs while supporting current business operations. What is the potential outcome of using these JIT practices?
C. Determine opportunities for the company or organization to use optimized production technology (OPT) and theory of constraints (TOC) principles to reduce costs and increase throughput while supporting current business operations. What is the potential outcome of using these OPT and TOC principles?
This assignment should be submitted as a 5- to 7-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. You should use current APA style guidelines for your citations and reference list. Note that at least 10 outside information sources are required overall for this project. As necessary, copy and paste any data analysis from Excel into your Word document for submission. You may include your original Excel documents as supplementary material if you believe this will strengthen your contribution
The company is 3M.
Thanks for your help!