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LIFO

26 November 2013 Category :Kanban 0

Description

The LIFO method (Last In – First Out) refers to the way in which materials are stored in stock and consumption goods are valued and taxed.

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FIFO

19 April 2013 Category :Kanban 0

Description

FIFO is a method of inventory valuation in a warehouse based on the order of receipt of the product by the warehouse. In brief, the first purchased material will be consumed first. This method is particularly useful for products that are characterized by high fluctuations in supply prices.

The key element of Lean Manufacturing’s implementation in the area of production is understanding how the materials move through the production process between the work sockets.

The flow chart provides information on how production will look, which process elements flow smoothly and which require higher levels of control.

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