Solution-Explain THREE advantages of JIT over traditional

Explain THREE advantages of JIT over traditional method

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Reference no: EM132804471

Question - The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules. Companies employ this inventory strategy to increase efficiency and decrease waste by receiving goods only as they need them for the production process, which reduces inventory costs. This method requires producers to forecast demand accurately.

The JIT inventory system contrasts with just-in-case strategies, wherein producers hold sufficient inventories to have enough product to absorb maximum market demand.

1. Explain the following process:

a. JIT process.

b. Kanban

2. Explain at least THREE (3) advantages of JIT over traditional method of inventory management.

3. Speculate what will happened when a firm having too much inventories.

Reference no: EM132804471

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Explain THREE advantages of JIT over traditional method

Reference no: EM132804471

Reference no: EM132804471

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