ECONOMICS

Detailed explanation-1: -Just in case (JIC) is an inventory strategy where companies keep large inventories on hand. This type of inventory management strategy aims to minimize the probability that a product will sell out of stock.

Detailed explanation-2: -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-3: -Inventory control involves having knowledge of what products are in stock, where they are and how much of each item is available. Efficient inventory control will reduce inventory investment and minimize handling cost without adversely impacting customer satisfaction levels.

Detailed explanation-4: -Definition of First In, Still Here (FISH) First In, Still Here (FISH) is an accounting buzzword that describes when companies still have inventory on hand that is not being sold due to inattention or obsolescence.

Detailed explanation-5: -Safety stock is simply extra inventory held by a manufacturer or a retailer in case demand increases unexpectedly. It is additional stock above the desired inventory level that you would usually hold for day-to-day operations.