GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Just-in-time
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Cradle-to-cradle
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Total quality management
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Benchmarking
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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: -Four popular inventory control methods include ABC analysis; Last In, First Out (LIFO) and First In, First Out (FIFO); batch tracking; and safety stock.
Detailed explanation-3: -Smoother Production Flow: JIT can eliminate bottlenecks and delays across the entire production process. Shorter Production Cycles: JIT shortens manufacturing time, which decreases lead times for customers.
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.
Detailed explanation-5: -Perpetual inventory system. A perpetual inventory control system tracks inventory in real-time. Periodic inventory system. A periodic inventory system is kept up to date by a physical count of goods on hand at specific intervals.