ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supplies arrive just as they are required
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Supplies are stored as a safety net in case they are required
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Using traditional stock management methods
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None of the above
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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: -A just-in-time (JIT) inventory system is a management strategy that has a company receive goods as close as possible to when they are actually needed. So, if a car assembly plant needs to install airbags, it does not keep a stock of airbags on its shelves but receives them as those cars come onto the assembly line.
Detailed explanation-3: -Just-in-Time Manufacturing focuses on the business side of improving the manufacturing process by lowering costs and reducing lag times. Lean manufacturing places a focus on customer value across all departments including manufacturing, production, marketing, and distribution.
Detailed explanation-4: -In manufacturing, speed to market and costs of production can make or break a company. Just in time (JIT) manufacturing is a workflow methodology aimed at reducing flow times within production systems, as well as response times from suppliers and to customers.