MANAGEMENT

Detailed explanation-1: -What Is Just-in-Time (JIT) in Inventory Management? JIT is a form of inventory management that requires working closely with suppliers so that raw materials arrive as production is scheduled to begin, but no sooner. The goal is to have the minimum amount of inventory on hand to meet demand.

Detailed explanation-2: -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-3: -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-4: -What is an inventory management system? An inventory management system (IMS) is an integrated software program designed to track products, inventory, orders, and fulfillment both to and from customers, as well as with suppliers. It helps merchants track products along the supply chain.

Detailed explanation-5: -The 4 Types of Inventory Management The types of inventory management are Raw Materials, Works-In-Process, Maintenance, Repair and Operations or MRO and Finished Goods.