BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.

Detailed explanation-2: -Key Takeaways Retailers, restaurants, on-demand publishing, tech manufacturing, and automobile manufacturing are some examples of industries that have benefited from just-in-time inventory.

Detailed explanation-3: -Kanban is a scheduling system often used in conjunction with JIT to avoid overcapacity of work in process. The success of the JIT production process relies on steady production, high-quality workmanship, no machine breakdowns, and reliable suppliers.

Detailed explanation-4: -Just-in-time manufacturing (JIT manufacturing) is a production model in which items are created to meet demand, not created in surplus or in advance of need. Organizations adopt the JIT approach to increase efficiency, reduce costs and speed up product delivery.

Detailed explanation-5: -Restaurants are the perfect example of just in time delivery. A just in time system for delivery will, therefore, shift inventory only at the time that an order is made, and not before (this can prevent the issues and costs surrounding excess inventory). The entire restaurant space relies on just in time delivery.