KaizenThe Japanese word kaizen, found in Japanese dictionaries, simply means "change for better", with the intrinsic meaning of “on-going” and “continuous,” and is in everyday use. The word refers to any improvement, large or small, with the same meaning as the English word “improvement”. The term Kaizen was first used by the Toyota manufacturing plant to identify this approach as a concept for business, particularly in the industrial sense. The word "kaizen" in English terms has been incorporated to provide a measurement for implementing continuous improvement and is synonymous with this phrase. |
KanbanIn general, flow production uses a Pull system within a Kanban system. A Kanban is a method of just-in-time production that uses cards as signals to authorize production and/ or movement of material from one work station to the other |
KeiretsuA supply chain network/group composed of buyers and sellers, working closely to ensure each other’s success |
Key Performance Indicator (KPI’s)Productivity and efficiency of a company in reaching its business objectives. Think of a KPI as something like an instrument on a car dashboard, such as a speedometer. If you are driving your car and you wish to maintain a speed of 60 KPH, you will use your speedometer to maintain that speed. You will drive a little faster if your speedometer needle drops below 60 KPH or you will slow down if it climbs above the required speed. You will use a KPI in the same way as your car’s speedometer. The only difference is that in most cases, you won’t wish to lower performance when a business activity exceeds the required standard. In fact, if your car has a fuel consumption gauge and you use this to try and drive economically, then you are making use of a bona fide KPI. |
Key QuestionsThere are five common questions that help discover the essential facts: who, what, where, when, and why? In newspaper reports, it is important to cover these questions at the beginning |
KittingProcess in which separate (but related) items are picked, pre-assembled, and packed/ or supplied as ONE unit. The supplier or warehouse creates a customised kit that is shipped out as one unit. This could be shipped to a customer, or to the work in process warehouse |
kmpaKilometres per annum, a calculation used in the transportation industry
to measure the usage of their vehicles or fleet. |