2003•Industrial Engineering and ManagementRequires access

Application of the Theory of Constraints in Management Accounting

Haicheng Liu

Abstract

Theory of Constraints (TOC) is a new management philosophy and system approach to continuous improvement, which is popular in U. S. A and Europe. Enterprises are directed to find out the botdeneck in production and operations management and make best use of finite resources to profit without external heavy investment. How to optimize resources and achieve competitiveness is a problem. The five key steps of TOC provide a method for managers.

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Key concepts: Theory of constraints, Profit (economics), Key (lock), Investment (military), Management philosophy, Production (economics), Business, Computer science