Ford Student Driver Takes The Wheel

696 words - 3 pages

In the 3rd Quarter of 2006, Ford Company recorded a $5.8 billion loss and right after they hired a new CEO under the name of Alan Mulally. As he was presented for the first time in front of the automotive analyst and business journalist, he clearly defined what Ford must do to cut their losses back. They must streamline, cut cost and move faster. He defined what his first big move would be, “A weekly business plan meeting”.
Ford has been to through many crisis before. But there is always something, whether a hot car or a change in the economy that rescues the company. In the late 70’s and early 80’s, the second oil embargo affected the company until they earned $1.8 billion in 1983. Upon ...view middle of the document...

Lack of cooperation extends to its regional unit for example in 2003, the North America unit decided to refresh the existing Focus model while the Europe unit released an all-new version. Product planning is also one major problem of the company. Some of its model runs are terminated prematurely even though it is a well-known brand in the market.
To address the major problems of Ford Motor Company, changes in its management control structure must be made. Implementation of capital budgeting is a good start for the company. In this process, the company can determine which of their R&D projects are worth the funding. Another is by implementing a cost management tool like target costing. This tool enables the management to make the business profitable in very competitive market. It is a proactive practice wherein cost are planned and managed out of their new product early in the design and development stages. If properly implemented, target costing can lessen the high cost overhead of...

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