MANAGEMENT

Detailed explanation-1: -The just-in-time (JIT) inventory system is a management strategy that minimizes inventory and increases efficiency. Kanban is a scheduling system often used in conjunction with JIT to avoid overcapacity of work in process.

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: -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-4: -Kanban (Japanese for sign) is an inventory control system used in just-in-time (JIT) manufacturing to track production and order new shipments of parts and materials. Kanban was developed by Taiichi Ohno, an industrial engineer at Toyota, and uses visual cues to prompt the action needed to keep a process flowing.

Detailed explanation-5: -Reduced space required to store inventory. Reduced risk of defective and obsolete inventory. Reduced manufacturing costs. Simplification of your costing system (all goods sold / produced will flow to the cost of goods sold since inventory is sold and produced only when needed)