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MIS535 Project – Part 1 – Application of Just in Time System in Ford Motor Company – 9 Pages
Application of Just in Time System in Ford- Milestone 1
Mismanagement of inventory underlies the major business problem. Resolving the issue requires better management procedures for controlling inventory with efficient and effective use of the existing resources. Implementation of Just in Time System will eliminate inventory waste, production delays, and extra cost of storage and disposal. Resolving these kinds of inventory management challenges will lead to positive competitiveness and will ultimately result in higher profit.
Ford Motor Company was founded by Henry Ford in 1903 and currently is based in Dearborn Michigan (Ford, 2006). In 2010, Fortune 500 ranked Ford eighth in the Fortune 500 list, since it had revenues of about $118.3 billion in the year of 2009 (Ford, 2012). Furthermore, in the same year, it was the fifth largest automaker in all of Europe. It has about 90 plants with around 213,000 employees. It offers a wide range of automobiles under the brand of Ford, which includes Ford L7000 and Ford F-650. In addition, it produces buses, such as E-Series, F-650 and B700 (Ford, 2006). Also it manufactures tractors. Ford supplies engines to racing teams, such as Lotus and McLaren, for Formula 1 cars from 1967 to 2004. Most people like Ford cars, since they are environmental friendly. It has manufactured Ford E85 Flexible Fuel Vehicle that uses fuel containing 85% ethanol and 15% gasoline. It introduced a hybrid-electric Escape in 2005 that consumes…