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TOPS is a company that manufactures machine parts from sheet metal to specific order for industrial customers. Currently, each of the machine parts is specific to a customer's requirement. Consequently, the company does not hold an inventory of finished items but it does hold the equivalent of two days production of sheet metal so as to minimise the risk of being unable to produce goods demanded by customers at short notice.
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Question 1: Compare and contrast TOPS's present production and inventory policy and practices with a traditional production system that uses constant production levels and holds inventory to meet demand.
Question 2: Discuss the importance of a Total Quality Management (TQM) system in a just-in-time (JIT) production system compared to a traditional production system. Use TOPS to illustrate your discussion.
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