Explain JIT.
Understand the Problem
The question is asking for an explanation of Just-In-Time (JIT) compilation or manufacturing, which typically involves understanding its purpose, functionality, and applications in various contexts.
Answer
JIT is an inventory management strategy to reduce costs and increase efficiency by aligning orders with production schedules.
JIT, or Just-in-Time, is an inventory management strategy where goods are received from suppliers only as they are needed, aligning raw-material orders closely with production schedules to reduce inventory holding costs and increase efficiency.
Answer for screen readers
JIT, or Just-in-Time, is an inventory management strategy where goods are received from suppliers only as they are needed, aligning raw-material orders closely with production schedules to reduce inventory holding costs and increase efficiency.
More Information
JIT aims to streamline production processes by reducing waste and improving efficiency through precise inventory management.
Tips
A common mistake is failing to align JIT closely with supplier performance and production demands, leading to potential delays.
Sources
- What Is Just-in-Time Inventory Management? - truecommerce.com
- Just-in-Time (JIT): Definition, Example, and Pros & Cons - investopedia.com
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