2 Suggest Appropriate Aims and Objectives for a Small,...

2 Suggest appropriate aims and objectives for a small, medium and large business. Aim for a small business can Survival, to survive in the market and look for profits. Aim for a medium sized business would be to maximize their profits and growth to expand their current business operations and increase market share. Aims for Large business would be external growth,i.e taking over their competitors in the market. Secondly it would be adding value and quality to their products, and finally providing service to the community in some way, like giving funds to charities and opening up its branches in development area where development is required. Anonymous Introduction When a sole trader sets up they may have some unstated aims or†¦show more content†¦R - Realistic – the objective should be challenging, but it should also be able to be achieved by the resources available. T- Time specific – they have a time limit of when the objective should be achieved, e.g. by the end of the year. The main objectives that a business might have are: Survival – a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis. Profit maximisation – try to make the most profit possible – most like to be the aim of the owners and shareholders. Profit satisficing – try to make enough profit to keep the owners comfortable – probably the aim of smaller businesses whose owners do not want to work longer hours. Sales growth – where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale. A business may find that some of their objectives conflict with one and other: Growth versus profit: for example, achieving higher sales in the short term (e.g. by cutting prices) will reduce short-term profit. Short-term versus long-term: for example, a business may decide to accept lower cash flows in the short-term whilst it invests heavily in new products or plant and equipment. Large investors in the Stock Exchange are often accused of looking too much atShow MoreRelated2 Suggest Appropriate Aims and Objectives for a Small, Medium and Large Business.945 Words   |  4 Pages2 Suggest appropriate aims and objectives for a small, medium and large business. Aim for a small business can Survival, to survive in the market and look for profits. Aim for a medium sized business would be to maximize their profits and growth to expand their current business operations and increase market share. Aims for Large business would be external growth,i.e taking over their competitors in the market. Secondly it would be adding value and quality to their products, and finally providingRead MoreProject Report : 1.smallco Investment Fund1277 Words   |  6 Pagesconcentrates on small Australian Securities Exchange listed companies which are outside of top 100 companies according to market capitalization for the initial investment (Smallco Investment Fund PDS 2014). Style: This fund is under small to medium capitalization value category (Morningstar2014).And it is expected that the fund benefits investors mainly by its capital appreciation and certain income will also be generated (Smallco Investment Fund PDS 2014). Objectives: This fund aims at investingRead MoreDesign and Implementation of Sets of Strategic Human Resource Management Practices 1694 Words   |  7 Pagesprimarily because the concept of fit is still so little understood. Strategic human resource management refers to managing people in organizations proactively, such that it helps a business gain competitive edge. 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Compared to large organisation or MNC, SMEs have relatively fewer resourcesRead MoreBusiness Profile of Reid Consultancy2497 Words   |  10 PagesBusiness Profile of Reid Consultancy Reid Consultancy is a medium small consultancy firm aimed at providing small to medium sized enterprise entrepreneurs with solutions applicable to all their strategic management, financial and other operational needs. The firm was established by former small and large business owners and managers Yasheka Reid, Reba Nelson and Adobey Raider who saw that there was a gap in the market for affordable business advice for small to medium sized business owners. WithRead MoreComparative Study of Various Mediums of Advertising18838 Words   |  76 PagesA Dissertation Report On Comparative study of effectiveness of various Advertising Mediums of Advertising Dissertation report Submitted by: Shefali Walia Enroll no. – A0102208058 Submitted to:- Ms. Varsha Khattri (Project Mentor) [pic] AMITY BUSINESS SCHOOL NOIDA DECLARATION I, hereby declare that this project report is the record of authentic work carried out by me during the 4th Semester of MBA and has not been submitted to any other University or Institute for the award of any degreeRead MoreThe Importance of International Business and Exporting for Smes: Challenges of Dubai Companies That Want to Export Their Products to the Uk15717 Words   |  63 PagesTABLE OF CONTENTS ACKNOWLEDGEMENT†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..2 ABSTRACT†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...3 Chapter 1: INTRODUCTION †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.....................7-11 1.1 PROPOSED TITLE 1.2 INTRODUCTION 1.3 RATIONALE FOR CHOSEN TOPIC 1.3.1 The Importance of International Business 1.3.2 Competing on an International Level 1.4 AIM AND OBJECTIVES OF RESEARCH Chapter 2: LITERATURE REVIEW†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12-25 2.1 CLASSIFICATION OF DIFFERENT MARKETING LEVELS 2.1.1 Domestic/HomeRead MoreEffect of Internal Controls on Financial Performance11978 Words   |  48 Pagesby Small and Medium Enterprises (SMEs) towards economic development. 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Therefore, international market screening is a comprehensive and extensive process based on numerous theories of decision-making

Indegenous People Native Tile Free Essays

string(60) " inter tidal zones and associated reefs and areas of water\." Native title is a concept in the Australian law. It is a type of continuous ownership of land by local indigenous Australian. However native title can be combined with non-indigenous proprietary rights. We will write a custom essay sample on Indegenous People Native Tile or any similar topic only for you Order Now Common law and aboriginal law develop this concept In case of any discrepancy between Australian law and customary aboriginal law, the non-indigenous rights will generally prevail. Native title is a land title and it was recognized in Australia during 1992 by the High Court in the Mabo decision. The native title linked with groups of people whom traditional connections between the lands, waters among the aboriginal people. The native title rights recognized under Australian law. The native titleholders protected to get compensation if governments acquire their land or waters for future developments. The native title is different from land rights. Native title is available to Aboriginal groups with traditional ties to land. Hence people who have always lived in the same area can claim native title. The native title is recognized by Commonwealth legislation. On 1st September 1995, the Bardi and jawi people of Dumpier Peninsula and islands of Buccaneer Archipelago filed an application for a native title determination. After registration and public notification more than 155 persons were joined as parties to the application. At last the claim was made on behalf of the Bardi and Jawi people. The applicants i. e. Bardi-Jawi people sought a native title determination in regard to land, waters, water courses, reefs, seas and seabed in the Northern Dampier and Kind Sound Regions of Western Kimberley-Lombadina and One Arm Point, Western Australia. The claim of native title rights and interest which includes rights to the possession, occupation, use and enjoyment of the areas. Besides it protection of cultural knowledge also claimed. The main opponent Western Australian Fishing Industry Council and Telstra were opposed the application. Federal Court Judge Robert French had given a judgment in favor of a native tile application by the Bardi and Jawi people. Their claim is at about 1,037-sq. km area of land at the northern end of Dampier Peninsula. This land surrounded by areas of sea to a three nautical mile boundary comprising Aboriginal reserves and unallocated crown land with many of the 900-strong community living on or near the area. The judge also ruled that the Bardi and Jawi people had exclusive rights to the whole of the mainland they had claimed, as well as right to hunt turtle and dugong in waters in the area and to take pearl shell for cultural purposes, which includes the following rights based on the Sec. 225 Native Title Act indicates the rights and interests. The rights include use and enjoyment rights and these are not limited to the following rights § 1. The right to live on the land 2. The rights to access move about on and use the land and waters 3. The right to hunt and gather on the land and waters 4. The right to engage in spiritual and cultural activities on the land and waters 5. The right to access, use and take any of the resources of the land (including ochre) for food, shelter, medicine, fishing and trapping fish, weapons for hunting, cultural, religious, spiritual, ceremonial, artistic and communal purposes 6. Right to refuse, regulate and control the use and enjoyment by others of the land its resources, 7. The right to have access to and use the water of land for personal, domestic, social, cultural, religious, spiritual, ceremonial and communal purposes. In relation to the offshore waters, the rights were limited to non-exclusive rights of access and use of the areas resources. These rights are exercisable in accordance with the traditional laws and customs of the native titleholders and the laws of the State and Commonwealth. However these are subject to the certain other rights and interest such as 1. Use and Benefit of Aborigines 2. Fishing and aquaculture licenses 3. The interest of Telstra Corporation Limited 4. Public right to fish and navigate in tidal waters 5. International right of innocent passage The exclusive native title rights cannot be granted in relation to any flowing or underground waters and the taking of resources cannot be done for commercial purposes. Not only the bardi – jawi people or any other persons can be used. LEGAL The Native Title Act, 1993 §, which was in force from 1st January 1994. In order to provide native title rights, the Act was established. The Australia’s legal and parliamentary systems required providing such native rights to the persons in order to enable economic activity. It was forced by the decision of High court in the case of Mabo Vs. State Queens µ land. The determination of native title in a particular area, land or water depends upon the group of persons and their interests. The offshore place means the water within the limits of the State only. BLUE REEF With regard to the Brue Reef, the evidence established its importance in the mythology or cosmology of the applicants, it did not establish that the law devolved rights in relations to land or waters as a result. This leaves the claimant group unable to protect an important spiritual site. Here the judge has placed undue weight on activity-based use-rights of members of the group and thereby discounting the importance of indigenous forms connection to land. Instead more importance to be given the indigenous rights. In the case of Sampi Vs State of Western Australia. The part of Brue Reef, which lies within 12 nautical mile limit. There was no basis disclosed on the evidence of native title rights in Brue Reef and hence the Bardi/Jawi claim was dismissed. The rights and interest claimed that includes access and use and enjoyment of the reef, and it cannot be as an exclusive right. The Blue Reef also comes under non-exclusive right.  § NON-EXCLUSIVE RIGHTS Non-exclusive rights also proposed to be recognized over the inter tidal zones and associated reefs and areas of water. You read "Indegenous People Native Tile" in category "Papers" With regard to the Blue Reef area though it may be evidently noticed the use as traditional and occasional visit and it may be religious significance, the exclusive right to use the persons only cannot be issued. However they can go as usual beside all other like people will go. Mere visiting to the places does not confer any privilege to get the exclusive right only particular people should go which attraction of non-violence of international treaties. It was linked with the claim, which was made by the Bardi-Jawi people previously. The rejection of claim will not be amounted to the exploitation of the Bardi-Jawi people. Hence the claim of Bardi-Jawi people with regard to the Blue Reef cannot be entertained which was linked with more than 12 nautical miles of the water. The non-exclusive possession native title rights exist to the Bardi Jawi people. With this they have the right to access, hunt dugong and turtle, and take resources for food, religious, spiritual, cultural, ceremonial and communal purposes. It includes used pearl shell for ceremonial purposes in accordance with the traditional laws and customs. EXCUSIVE RIGHTS The rights over land include the right to live on the land, right to access, move about and use the land, the right to hunt and gather, the right to engage in spiritual and cultural activities, the right to use resources including food and ochre and the right to refuse, regulate and control the use of the land by the others. The rights over areas of water include the right to use and enjoy the reefs and associated water, the right to hunt and gather, including for dugong and turtle and the right to use the resources for food, trapping fish, religious, cultural and ceremonial purposes. Their basic claim was registered in the case lies only with three nautical mile limit back to the commencement point. The claim of Bardi Jawi people first lodged in 1995. Before the claim went to trial and later amended the area from 12 nautical miles offshore to three nautical miles. Hence the claim again cannot be entertained, which was already decided with the three nautical miles of the water. ADVISE TO THE COUNSEL Based on the above, it is identified the following suggestions for which counsel may not entertain the Bardi-Jawi arguments. 1. The claim of Bardi-Jawi people for extension of 12 nautical lines cannot be entertained since they have claimed earlier for three nautical miles only. Once the decision was made cannot be reopened in the same issue. If it is accepted again they will raise for another. 2. With regard to the Blue Reef, which extends beyond sixteen nautical miles from the coast cannot be entertained. Traditional custom is not exclusive right for which every other person can also go. Though it is evidenced by several years that Bardi-Jawi people are using and going for religious significance, exclusive right rights cannot be permitted. 3. The native title right cannot be recognized on the sea beyond 12 nautical miles, which attract the violation international treaties. The distinction between the existence of native title under traditional law and custom and its recognition by the common law was made in Fejo Vs. Northern Territory, 1998.  µ 4. Those rights and interests will be continued in spite of non- recognition by the common law may be taken into account in the definition of the connection with land and waters, which indigenous people may have by virtue of their traditional laws and customs. 5. The Bardi-Jawi also granted previously non-exclusive rights, which they have been protected sufficient and they can go for the Blue Reef as usual, but it is not exclusive right. 6. The State government power is on nautical miles only up to 3. Hence Bardi-Jawi claim beyond 12 nautical miles cannot be entertained under any stage. Australian Fishing Industry Council and Commonwealth Government will exercise the rights. The commonwealth government has concurrent jurisdiction with the State in the claim jurisdiction with the three nautical mile limit to the 12 nautical mile limit. The commonwealth has sole jurisdiction beyond the 12 nautical mile limit around Brue Reef. The claimants made a petition for claiming a native title of the land, which is surrounded by an area of sea to a three nautical mile boundary only. Hence more than the claim not permitted for extension beyond three nautical miles still they go for appeals again and again.  § 7. The State government can grant up to three nautical miles since it recognized the role of owners i. e. Bardi-Jawi who have right to exclusive possession of the land, fishing rights up to three nautical mile limit and the right to hunt turtle and dugong and the right to take resources from Brue Reef. CONCLUSION While taking the decision in connection with bardi-jawi, the following must be noticed by the decision makers. In the Australia, the native tile to land has been established by taking the sources of traditional laws and customs of indigenous peoples. The principles of international law linked with the decisions taken in connection with native tile to land. The native law has been developed and justified in the Australia based on different colonial histories and styles of the community were acknowledged. * REFERENCES Appendices, http://www. nntt. gov. au/publications/AR_20052006/appendices. asp? PrintContent=True Australian Constitution Act, http://www. austlii. edu. au/au/legis/cth/consol_act/coaca430/ Claimants celebrate native title decision, 2005, http://www. theage. com. au/news/national/claimants-celebrate-native-title-decision/2005/06/10/1118347602071. html Commonwealth Consolidated Acts, http://www. austlii. edu. au/au/legis/cth/consol_act/nta1993147/s4. html Focus: Native Title – September 2005, http://www. aar. com. au/pubs/nat/fontsep05. htm Frequently Asked questions, http://www. nativetitle. wa. gov. au/about_FAQs. aspx International Law, http://www. ohchr. org/english/law/index. htm Native Title Act, 1993, http://www. austlii. edu. au/au/legis/cth/consol_act/nta1993147/ Office of Native Title, State Government agency, Western Australia, http://www. nativetitle. wa. gov. au/ Racial Discrimination Act, 1975, http://www. austlii. edu. au/au/legis/cth/consol_act/rda1975202/ Sampi v State of Western Australia (No 3) [2005] FCA 1716, http://www. atns. net. au/agreement. asp? EntityID=3203 http://www. ministers. wa. gov. au/ripper/docs/speeches/bardiprogress. pdf http://www. aph. gov. au/Senate/committee/ntlf_ctte/completed_inquiries/2002-04/nat_nattitle_trib/report/report. pdf http://ntru. aiatsis. gov. au/ntpapers/ip04v3. pdf How to cite Indegenous People Native Tile, Essays

Operation Analysis of Toyota

Question: Discuss about the Operation Analysis of Toyota. Answer: Introduction Toyota was established in the year 1937 in Japan. It is the largest and the most profitable automobile manufacturer in the world. As far as Japan is concerned, Toyota is the largest company listed there, when it comes to the World, it is the 14th largest company. It has its operations in 27 different countries, producing around 70 different kinds of vehicle models, and the credit to its strong position goes to the practices the company is following since 1940. Since the foundation of the company, it has been consistently using its guiding principles to produce reliable vehicles and sustainable development of society by providing quality products. Competitive Priorities of Toyota The sales figure of Toyota is showing commendable growth, even when other automobile companies are striving to regain their market share lost due to the dynamics of market. In order to achieve the dominance in market, an organization needs to follow very strong and distinctive strategies. Toyotas way of production is a well discussed and researched topic throughout the world. Toyota is able to stand out the competition because it followed following world class competitive operation strategies: 1. Toyota Production System. 2. Excellent technology and quality. 3. Re-engineering. 4. Innovative products. 5. Generic Strategies. 6. Employee Satisfaction. Toyota Production System or T.P.S, as it is known worldwide, is a combination of following crucial essential elements: Lean Manufacturing: It is aimed at reducing the unproductive efforts or waste in all the areas of production process. These results in consuming minimum human efforts, reducing the lead time, being highly responsive the requirements and producing high quality products for customer. Following are the basis of lean manufacturing; Zero waiting period; Nil Inventory; Scheduling- Pull system for internal customer; Reducing lead time; Minimizing the actual process time; Multiplying inventory turns. Just-In-Time (JIT): Toyota is following this manufacturing philosophy since 1970. This practice is based on the principle produce only what is needed, how much is needed and when is needed. Any divergence from the specified production needs is referred as waste. JIT brings down the work-in-progress inventory to a great extent. It is basically a waste reduction methodology based on the principles of Kanban and Heijunka. Kanban- It is a card system for scheduling and controlling the logistics involved in the production function, and the inventory management. Heijunka: It is the system of breaking down the complex and large processes into simpler ones. Evenly distributing and balancing the task so that none of the machine is overloaded with work, neither a machine remains idle. 1. Kaizen: Toyota believes in continuous improvement of its offerings and is a vital element in the Toyota Production System. It describes the concept of proactively improving the manufacturing process, reduction in the waste during manufacturing process, increasing level of employee involvement, and enhancing customer satisfaction. 2. Jikoda: It is a quality control process by which the machine stops working whenever it detects a deviation from the specified procedure, the employee detects the problem, fixes it, and installs a counter measure. Jikoda is also termed as Automation with a human touch. 3. Andon: A notification method comprise of a visual signal, audio alarms, display boards installed at the workstations to notify the co-workers of a quality or a process defect. Whenever an employee detects a defect in the process, he pulls the Andon cord which turns on a flash light and a sound alarm. The number of the workstation is displayed at the Andon board at which the problem is encountered. The notification is stopped after the problem is resolved. 4. Pull System: In a pull system, the worker at the assembly line knows exactly what activity needs to be done next. He uses his intellect to find which part is to be made next and within what time frame. Excellent technology and quality: Quality is given the utmost level of priority at Toyota. Their belief in building an environment of getting the right quality for the very first time and every time reinstates the quality level for which Toyota is known for. Every employee has the authority to halt the production whenever he spots an issue with the quality. The company widely uses robots for their mass production. The production facilities are designed in such a way that any alterations can be done to the existing production lines in a short period of time. The production line provides a choice between using humans or robots for low volume or mass production, depending upon the profitability of the production. Toyota takes only 27 hours to completely build a unit. Also, the company is among the few producing products with below than average problems per 100 units produced in the industry. Re-Engineering: The Company focuses a lot on designing the production facility. If in case, a product fails to attract the attention of potential customers in market, the company can easily adopt the strategy to revamp the product and present the failed product in completely altered way, using the same production line and facilities. This prevents the company to prevent the possibility of huge losses. Innovative Products: With the unstable global issues of increased fuel prices and environmental factors, the demand for alternative products is on the rise. Toyota has responded promptly by emphasizing on building hybrid engines. The company has provided the customers with an alternative option of commuting in style by an environmental friendly and economic mode of transportation. Generic Strategies: The Company follows following three generic strategies for its intensive growth in market. Market Penetration. The main intensive strategy followed by the company is market penetration. It is followed in order to increase the reach of the company and to attract more and more customers. This is done by providing different types of products to cater every segment of the customer. Product Development. The Company emphasizes on attracting customers by offering innovative products with new features, uniqueness, and advanced technology which differentiates the company from its competitors. Market Development. As the effect of globalization is increasing, so is the opportunity for various organizations to enter new markets. Toyota is also entering into new markets, catering to new segments, providing people with more and more options for their choices, and maximizing its global presence. Employee satisfaction: The Company improves the level of employee satisfaction by inviting employee participation, promoting group activities among the team members, providing regular training to the employees, promoting the policy of open communication between the engineering department and the execution staff. The employee participation helps in maintaining and improving the work methods so as to increase the reliability and productivity of the equipments, and thus reducing the operational and maintenance costs. This is ensured through quality circles, asking for the suggestions from employees, giving incentives. Operations Management The Business organizations have three basic functions: 1. Finance 2. Operations 3. Marketing OM is defined as that functional part of organization which is responsible for the transformation of factors of production (such as land, labor, capital, etc) into the offerings for the customer after their processing (transformation). The better is the operation function, better are the offerings of the organization. Better the offerings, more is the customer satisfaction. More the customer is satisfied, it will generate more revenue. And, in turn, better is the economic position of the nation and competitive position with reference to the other nations. Matching supply with the changing demand is one of the most important functions of the organization. OM can be defined as from different perspectives: one in relation with its role and consolidated inputs to the organization; another focusing on the day-to-day activities that fall in the purview of its area of responsibilities. The operations management system of Toyota is flexible and responsive enough to adapt to the conditions of demand. The operation functions can be divided into three broad categories: Strategic Decisions (which are of distant or long range) Tactical Decisions (which are medium range in nature) Operational Planning and Control (generally related to day to day operations and are short-range) The essence of operation function is Value addition to the inputs during their transformation into the final offering. The value addition can also be described as the difference between the costs of inputs and the price of the offering. Following are the important functions of Operations Management: Forecasting the demand The need for kinds of vehicles in the recent future, changes in the taste and preference of the customer. Change in future demand of the product due to the change in the political, economic, demographical, technical, and geographical factors of the target market. Taking into account the effect of positioning with respect to the competitors product, level of technology expected and anticipated by the customer. 1. Capacity Planning. It is very important for the organization to exactly find out the number of vehicles of the models demanded in the different markets. And, planning the capacity of assembly lines in the plant so that the organization is able to match the products demanded with the right amount of supply. 2. Controlling deviations. The deviation from the set standard are controlled through: JIDOKA: Under this, any deviation from value addition is termed as a waste. JIT: Under this, any deviation from true production needs is referred as waste. 1. Monitoring and controlling the costs and productivity. 2.Supply Chain Management. 3. Location planning, scheduling, inventory management and quality control. With the changing economic conditions and competitive strategies of the competitors, the business organizations have started emphasizing on: 1. Operations strategy 2. Optimizing the use of resources 3. Managing the revenue 4. Analysis and improvement in process and quality 5. Proactive in responding to change 6. Lean production The operations management helps in making informed decisions. It helps in establishing a relationship between the objectives and the actions to be taken in an organization, in light of the resources available. As the decision involves many different possible outcomes, a critical evaluation of all the alternatives is very important. Following are the factors affecting the decisions: 1. What? What are the resources that would be needed and in what quantity? 2. When? When would be requirement of each resource will arise? When should the organization schedule the work? When should company order for materials and other supplies? When is the need of corrective action? 3. Where? Where should the company start to work? 4. Who? Who will be assigned the responsibility of accomplishing work? 5. How? How will be the design of product/service? How the resources will be allocated? Features of Toyotas Operations Management Practices 5S (seiri, seiton, seiso, seiketsu, and shitsuke) 1. Sort Sort- Restoring only those items which are of use for value-addition, and disposing off those which dont add value. 2. Straighten (Order) 3. Shine (Cleanliness) - Often refer as the inspection of the procedures to detect any possibility of failures or deviations from the quality standards. 4. Standardize-Developing systems and tools for maintaining and controlling the laid down procedure. 5. Sustain- Continuous improvement Following are few of the major issues faced by the todays business operations across the world: 1. Economic conditions: Many economies are still in the recovery phase of the recession. The investors are skeptical about investing in those economies, also, the management is unable to decide whether to rehire those workers, who were laid off during recession, or not. 2. Quality issues: Many operational dysfunctions related to product design, testing, vendor oversight, risk assessment, and timely responding to the potential problems. 3. Risk involved: Many of the unforeseen or underscored risks needs to be taken into consideration and should be addressed as and when they arise. This is advisable so as to minimize the potential damage that these can cause to the organization (market value, demand, brand image, etc). 4. Innovation: With the ever changing demands and scarcity of resources, the organizations should focus on new and improved produce design. This step will eventually add value to the organization. 5. Global competition: The low-cost labor from the third world countries is increasing the pressure on the organizations to reduce down the labor cost. The factors such as productivity improvement methods, low wage areas, internally reducing the cost, changes and improvement in the product designs should be taken into consideration before outsourcing the operations. Issues experienced by Toyota By the end of the first revolution, manufacturing industry witnessed the rise in the trend of product variety. This made the firms to reconstruct their supply chain management. This arise the need to handle the manufacturing of wider range of products without holding too much inventory. While entering the second revolution, Toyota successfully addressed this issue with by following the principle of lean production system. The Toyota Motors decided to do in-house manufacturing of key components and their final assemble. The components in bulk were sourced from the large number of suppliers of Toyota who were also the part of the Keiretsu system, which is a set of companies having interlocked relationship of business and shareholdings. These suppliers were not only had long-term relationship with the company but were all closely located to the manufacturing plant of the company. Similarly, during the market slowdown of 2008, most of the manufacturing firms were made to lay off their employees to survive it. Unlike its competitors, Toyota did not lay off any of its permanent employees and instead reduced the working hours, hence, the pay cuts. It also reduced its breakeven point of its plants from 80% of capacity to 70%. Another fight that Toyota has taken is competing with the market of China. After reaching the record of annual sale of 10 million units, Toyota was challenged with the problem of quality management and parts electrification. With the increase in more designs, the number of parts also increased and a program called TNGA (Toyota New Global Architecture) was developed. It aimed at standardization of the parts while addressing the issues of cost cutting, quality assurance, and improved marketing. Process Map Figure 1: Process Map Source: Create by Author References Anon., n.d. HomePage. [Online] Available at: https://www.toyota-global.com/company/profile/ [Accessed 27 6 2016]. Hino, S., 2005. Inside the Mind of Toyota: Management Principles for Enduring Growth. s.l.:CRC Press. Iyer, 2009. Toyota: Supply Chain Mgmt. s.l.:Tata McGraw-Hill Education. Liker, 2005. The Toyota Way Fieldbook. s.l.:Tata McGraw-Hill Education. Shah, J., 2009. Supply Chain Management: Text and Cases. s.l.:Pearson Education India.