2955 words 12 pages
Introduction This assignment consisted of two parts. The first part is mainly about the modern developments in management accounting, what is World Class Manufacturing will be explained at first. Then, five features that could help company become and remain world class will be given and demonstrate in detail. Another part is about the two calculation methods that using by companies when measure expenses and overheads. This will be show through the calculation process in detail for a Peppa Ltd by using the traditional costing methods and activity-based costing methods. A briefly explains will also be given on which set of calculations is most accurate. Part A World Class Manufacturing Today companies are trying hard to apply various …show more content…

This make TQM become very important as it can lead to less waste of material and time. The more material and time could be saved, the more profit that the companies are able to create. (2)Benefits and defects of TQM The main advantage of total quality management is lower production costs. The goal of Total Quality Management program is to eliminate defects and waste, obviously, this will reduces production costs in a business. When all of company members gather to identify and eliminate weaknesses in the business, the companies are able to continue to enjoy reduced costs and higher profit. Another benefit of the total quality management is having a more productive and successful workforce strategy. In this system, there are quality circles of team members and management where their ideas in improving the decision making process. Employees in quality circles understand their participation and involvement so that they are more motivated and their morale and productivity improved. Yet there are still several defects existed when applying Total Quality Management system. Firstly, companys production may suffer disruption. When implementing this system company requires extensive training of employees. During the initial training period, the productivity will be declined. Then, employee resistance can be another disadvantage of this system. Total Quality Management


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