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Difference between Traditional and Modern manufacturing philosophy

Traditional manufacturing philosophy

(a) Labor and manufacturing equipment are so valuable they should not be left idle.
(b) Resulting inventory not needed should be stored
(c) To increase efficiency and reduce production cost per unit, batch sizes and production runs should
be as large as possible.
(d) Concerned with balancing production run costs and inventory holding costs.

Modern manufacturing philosophy

(a) Smooth, steady production flow (throughput)
(b) Flexibility, providing the customer with exactly what is wanted, exactly when it is wanted , so as to achieve competitive advantage.
(c) Volume versus variety
(d) JIT
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