ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Quick-Response Inventory System
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JIT
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Join-in-travel Inventory System
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QR
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Detailed explanation-1: -What is Just-in-Time (JIT)? 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: -The opposite of just in time inventory is just in case inventory. A just in case system involves holding contingency inventory. This ensures that you will have enough product on hand to fill orders if your supply chain breaks down.
Detailed explanation-3: -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.