BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Prepare materials on a First In First Out basis
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Do not provide material with a small frequency of requests
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Prepare the requested material based on needs without having to store it
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Provide materials based on the frequency of the most requests
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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 (JIT) Method Just-in-time is a Japanese technique of inventory management, in this technique the company maintains only such quantity of inventory as it requires during the manufacturing/production process.