Riordan Manufacturing, a company that is wholly owned by Riordan Industries, a Fortune 1000 enterprise specializes in the field of plastic injection molding. The business is unique due primarily to Riordan extensive knowledge and expertise with plastic moldings. Innovations in plastic and its uses have created greater demand for Riordan products. Namely, innovations in bottling, auto manufacturing, and National Defense have created an environment for robust growth. Its products currently include plastic beverage containers produced at its plant in Albany, Georgia, custom plastic parts produced at its plant in Pontiac, Michigan, and plastic fan parts produced at its facilities in Hangzhou, China. Riordan's major customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers and bottlers, and appliance manufacturers.
Riordan's Manufacturing Initiatives
Riordan forecasts production using an average of the past three years sales. The average is used to help eliminate excessively low or high volumes of sales. In particular, the industry's in which Riordan operates are cyclical. They are characterized by both excessive optimism and mass pessimism. Due to these swings in production volumes and demand, an adjustment to smooth results is required. A three average helps to eliminate market extremes while arriving at a much more accurate production forecast. Riordan...
This system provides flexibility for consumers who require a quick production solution that minimizes turnover times. The companies manufacturing strategy is predicated on a stable workflow that maximizes the cash conversion cycle or CCC. A stable workflow is primarily concerned with lowering employee turnover. Longer tenured associates are often the most productive as they have product and assembly expertise. They also have established strong relationships with customers that can endure for years. Likewise, as plastics become more sophisticated, the workforce must be better trained to properly leverage advances in technology. A hire turnover can therefore be costly, as specialized labor takes long periods of time to cultivate. Through accurate forecasting and low turnover, the company hopes to maintain a very robust cash conversion cycle.
Two metrics that are particularly useful in evaluating performance of the electric fan supply chain is the Cash Conversion Cycle and profit margin. The cash conversion cycle is a widely utilized metric that attempts to measure the amount of time each net input dollar is tied up in the production process before it is converted to cash. This metric is critical for…
Dibsa should turn towards the market-based pricing strategy, which sees the implementation of competitive prices for the 3-in-1 Lawnmower. The selection of this combination of strategies would generate several impacts upon the company, but most of them would be obvious at product lifecycle level. In this order of ideas: The sales revenues would be significantly high throughout the first six months and they would allow the company to cover for
Manufacturing Seven Key Elements for Successful Implementation Norman Binette, Jr. Biddeford, Maine Manufacturing organizations are built on the premise that they possess the ability to provide a wide variety of quality products for their customers. This reputation is dependent upon the constant review of existing processes and the identification of new and innovative methods of production that will enhance and increase the diversification of product lines. One such process that has proven itself
Introduction A manufacturing system includes four different components together with the production machine, material handling system, computer control system, and human resources (Lee, 1998). In recent times, due to the technological advancement, automation of manufacturing systems has continued to become prevalent. A key aspect in the contemporary automotive manufacturing systems and automotive industries is automation. An automated manufacturing system alludes to an intersected or interrelated system of material processing stations with
The communication barriers must be eliminated. This objective can be achieved through proper HR training and through the use of it systems at all the levels in order to support a better coordination of all the actions. The quality control would be better supervised and enhanced in this manner. In order for the company to be able to respond to the currently developing needs and preferences of the customers, it needs
Pencil Manufacturing and Marketing Production and Marketing of Pencils Quality-Based Marketing Promotion Niche Marketing Profit and Loss Principle of Profit Factors of Production Business Environment Economic Conditions Affecting the Business The Equilibrium Point or Market Price Competition within the Free Market Benefits and Limitation of Free Market International Marketing Import and Export of Pencils Strategies for Reaching Global Market Managing Business Ethically and Responsibly Social Responsibility Business Ownership Advantages Disadvantages Reasons for Business Ownership Web-based Business Management Skills Staffing Leadership Controlling Customer Satisfaction Development of the Industry Departmentalization Cross-Functional Semi-Managed Teams Networking Competitive market Manufacturing Process Techniques to Improve Manufacturing Computer-Oriented Manufacturing Flexible Manufacturing Lean Manufacturing Operation Management
Sparklin Automotive Costing Sparklin Automotive Company (SAC) is a leader in the spark plug business and has now developed a revolutionary new product that will enhance that leadership position. The new product allows the company to offer special-order spark plugs for the auto racing industry. The company needs to determine the best method of accounting for this product. The current accounting system is a basic costing system that delivers only basic