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The term poka-yoke was applied by Shigeo Shingo in the 1960s to industrial processes designed to prevent human errors. [1] Shingo redesigned a process in which factory workers, while assembling a small switch, would often forget to insert the required spring under one of the switch buttons.
The first example of this at Toyota was the auto-activated loom of Sakichi Toyoda that automatically and immediately stopped the loom if the vertical or lateral threads broke or ran out. For instance rather than waiting until the end of a production line to inspect a finished product, autonomation may be employed at early steps in the process ...
Markup price = (unit cost * markup percentage) Markup price = $450 * 0.12 Markup price = $54 Sales Price = unit cost + markup price. Sales Price= $450 + $54 Sales Price = $504 Ultimately, the $54 markup price is the shop's margin of profit. Cost-plus pricing is common and there are many examples where the margin is transparent to buyers. [4]
The theorist of important innovations related to Industrial engineering, such as Poka-yoke and the Zero Quality Control, ShingÅ could influence fields other than manufacturing. For example, his concepts of SMED, mistake-proofing, and "zero quality control" (eliminating the need for inspection of results) have all been applied in the sales ...
In macroeconomics, the guns versus butter model is an example of a simple production–possibility frontier. It demonstrates the relationship between a nation's investment in defense and civilian goods. The "guns or butter" model is used generally as a simplification of national spending as a part of GDP. This may be seen as an analogy for ...
Control charts are graphical plots used in production control to determine whether quality and manufacturing processes are being controlled under stable conditions. (ISO 7870-1) [1] The hourly status is arranged on the graph, and the occurrence of abnormalities is judged based on the presence of data that differs from the conventional trend or deviates from the control limit line.
In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good. The best way to look at this is to review an example of an economy that only produces two things - cars and oranges.
This is the fully formed industrial production price which Marx most often has in mind in his theoretical discussions of the equalisation process of profit rates; it reflects the producer's product-price at which the average rate of profit on production capital applying to a whole economic community is obtained (for example, a net return of 10%).