Critical resource management: a control perspective by Fred A. Jacobs, Larry H. Beard

By Fred A. Jacobs, Larry H. Beard

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Recent developments in computer linkages facilitate transmission of orders between the buyer and supplier, reducing the time it takes for a company's order to be started into production. The more effective the companies are in starting orders in production, the less frequent will be incidents of missed delivery schedules. It must be recognized that not all suppliers are capable of meeting buyer needs with distant production facilities. For components requiring limited tailoring of production to customer needs, daily or weekly shipments may meet the buyer's needs.

Endnote 1. See, for example, Robert H. Edelstein, "Improving the Selection of Credit Risks: An Analysis of a Commercial Bank Minority Lending Program," Journal of Finance (March 1975): 3755. Page 21 JIT: Strategies for Distant Suppliers Joe G. Thomas and Morris Lamberson While JIT holds promise of substantial cost reductions, JIT also poses a serious threat to distant suppliers and suppliers with limited product lines. Just-In-Time production, or JIT, has probably received more attention in a short time than any recent manufacturing concept.

Financing the costs of the operating cycle is unavoidable; it is the responsibility and challenge of management to continually strive to control these costs. Operating-cycle cost control begins with an in-depth knowledge of the business and continues into the day-to-day management of inventories, payables, and receivables. Exhibit 5: The Typical Company income statement for the year ended December 31, 19X1, 19X2 Page 11 Exhibit 6: Liquidity ratio calculations Summary A major part of maintaining adequate liquidity in a small business involves effectively managing the cash operating cycle.

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