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Jct 2 Task 1

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Part A

Below are the final cumulative balanced scorecard ending with Quarter 4, the income statement from the Quarter 5, and the balance sheet from Quarter 5.

Part B

B1 Budgets and Pro-Forma Statements In this section we will be discussing the use of budgets and pro-forma statements and their effectiveness in planning for the following quarter’s expenses. It will be important for any company to analyze the information provided from these forms in order to run a successful business.
1. Budget Evaluation
It was extremely important to use budget and pro-forma statements in planning and funding the projected capacity to achieve my business goals. After the reviewing the pro-forma statements I was able to evaluate and decide that I needed to increase plant capacity in order to increase my inventory. I did not have enough supply to meet my demand. I was concerned about keeping production costs to a minimum but in doing so I was not able to produce enough units. After the first quarter I realized my target market wanted a good product for a great price so my strategy was to be the low cost leader. By reviewing the pro-forma statements, I made the decision to lower prices, increase capacity, and increase staffing. By making those changes I was able to increase my production and maximize my profits. Reviewing these statements were very influential in the success and growth of the business. Below are the statements I used to calculate my decisions and grow a successful business.

B2 Manufacturing Efficiency
1. Just-in-time (JIT)
The just-in-time (JIT) approach focuses on manufacturing efficiency for problem solving. This a great strategy for improving operations. The just-in-time approach as it implies is the process in which the product or inventory arrives to the location only when it is needed. In the business simulation this process would have

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