Defining Concepts of Target Costing, Just in Time, and Lean Manufacturing In recent years, the managerial concepts of target costing, just-in-time inventory systems, and lean manufacturing processes...

In recent years, the managerial concepts of target costing, just-in-time inventory systems, and lean manufacturing processes have received considerable attention from manufacturing companies. Increased competition in the marketplace and growing pressure have led companies to focus efforts on cost-cutting measures wherever possible while still generating acceptable profits.

Required:

1. Briefly define each of these concepts.

2. Conduct online or library research for articles about companies that have successfully utilized target costing, just-in-time inventory systems, and/or implemented lean manufacturing practices. 3. Read and briefly summarize at least three such articles.

4. Choose one of these companies and write a memo to your classmates outlining the company’s utilization or implementation of these concepts. Include their time line, any problems encountered, and perceived benefits.