JIT
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What is JIT and the pros and cons of JIT?
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Solution Summary
The full form of JIT is Just-in time inventory systems.
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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, ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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