Do It Right the First Time (DRIFT) - Explained
What is DRIFT in Accounting?
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What is DRIFT?
Do it Right The First Time, also known as DRIFT, is a managerial accounting theory that relates to just-in-time (JIT) inventory system. The idea behind DRIFT is for management to ensure that all the JIT processes are efficiently carried out to avoid delays in the production process.
In most organizations, cutting waste resulting from anything that is not done right for the first time is the best way of ensuring that your business seizes all the opportunities that come its way.
- Do It Right the First Time (DRIFT) Definition
- What is Merchandise Inventory (Retail Inventory Method)? – Financial Accounting
What are Inventory Costs (Carrying Costs)? – Financial Accounting
- Specific Identification Method of Accounting for Inventory – Financial Accounting
- First-in, First-Out Method (FIFO) – Financial Accounting
- Last-In, First-Out Method (LIFO) – Financial Accounting
- Weighted-Average Method of Accounting for Inventory – Financial Accounting
- Financial Statement Effects (Inflationary vs Deflationary Periods) – Financial Accounting
- Intermittent Purchase and Sell
- Choosing an Accounting Method – Financial Accounting
- Effect of Each Accounting Method on Taxes – Financial Accounting
- Lower of Cost or Market Method of Accounting for Inventory – Financial Accounting