ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economies of scale
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Just-in-time Delivery
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Commodity chain
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Trading bloc
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Detailed explanation-1: -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-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: -For JIT manufacturing to succeed, companies must have steady production, high-quality workmanship, glitch-free plant machinery, and reliable suppliers. The JIT inventory system contrasts with just-in-case strategies, where producers hold sufficient inventories to have enough products to absorb maximum market demand.
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.