BUISENESS MANAGEMENT
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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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: -JIT inventory ensures there is enough stock to produce only what you need, when you need it. The goal is to achieve high volume production with minimal inventory on hand and eliminate waste.
Detailed explanation-3: -JIT is an inventory management method that focuses on keeping as little inventory on hand as possible. Instead of stockpiling products and raw materials, you order small shipments to replace inventory as you forecast and fulfill orders.
Detailed explanation-4: -The just-in-time (JIT) inventory system minimizes inventory and increases efficiency. JIT production systems cut inventory costs because manufacturers receive materials and parts as needed for production and do not have to pay storage costs.