What is JIT and the pros and cons of JIT?© BrainMass Inc. brainmass.com October 9, 2019, 5:32 pm ad1c9bdddf
The full form of JIT is Just-in time inventory systems. IT is a type of inventory system that aims at reducing the inventories in production process. In a perfect JIT scenario, there will no inventories and the required raw materials will arrive just when they are needed and therefore, resulting in zero inventories.
Definition with example: (Source: http://www.investopedia.com/terms/j/jit.asp )
An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, ...
The full form of JIT is Just-in time inventory systems.