ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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reduction-inventory management
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supply chain management
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economic order quantity
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just-in-time logistics
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Detailed explanation-1: -Explanation: JIT stands for or termed as Just-in-Time (JIT) logistics, it is the system which is defined as the concept of receiving the products, the raw materials as well as the parts as they are required, instead of days or weeks before.
Detailed explanation-2: -To reduce inventory management costs, many companies use a system called just-in-time logistics, which involves carrying only small inventories of parts or merchandise, often only enough for a few days of operation.
Detailed explanation-3: -By helping you maintain just the right amount of stock to balance customer demand and cash flow, an efficient inventory management system can help with cost savings. Inventory management software is an effective solution that allows you to streamline your processes while reducing costs.
Detailed explanation-4: -The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ), and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.