QUESTION THREE (A) Define the Just in Time (LiT concept and explain the key elements of a SiT manufacturing system (B) (20 marks) A firm has been receiving negative feedback from customers about the time between and order being made, and the order being shipped. The firm has gathered data, in the table below, of the production process. Days 10.0 40 Waiting Time (from order to production start) Process Time Move Time - Inspection Time Queue Time Calculate the following: (i) Throughput time (velocity of production): () Manufacturing Cycle Efficiency (MCE); (iii) Delivery Cycle Time, and; (iv) MCE if the firm were to adopt a JIT manufacturing system. (15 marks) A firm manufactures a generic product and uses 250,000 units of a particular inventory item each year. From analysis of past experience, it estimates the cost of placing and receiving an order at 200 per order and the cost of holding inventory at 4 per unit per annum. (1) Estimate the most economic order quantity. (ii) Discuss how frequently the firm should re-order. (15 marks) (Total: 50 marks)