Explain about the just in time philosophy, Operation Management

Assignment Help:

Explain about the just in time philosophy.

Just in time (JIT):

This philosophy requires which products must only be produced when there is an internal/external customer waiting for them. This aims ideally for zero stock for example as raw materials delivered instantly at the time they are required, no build up of work-within-progress in production and finished goods merely produced when there is a customer waiting for them. It implies cash is not tied up unnecessarily within raw material, work-in-progress or finished goods stock, permitting more effective cash flow management for the organisation. Just in time is an illustration of a chase demand strategy for balancing capacity or supply and demand.


Related Discussions:- Explain about the just in time philosophy

Find required return on similar risk bonds, Bond validation-Semi-annual int...

Bond validation-Semi-annual interest. Find the value of a bond maturing in 6yrs. with a $1,000 par value and a coupon interest rate of 12% (6% paid semi-annually) if the required r

Explain needed for good information literacy, 1. In two or three sentences,...

1. In two or three sentences, please summarize what you have learned about information literacy so far in your earlier courses and in this seminar. 2. Then explain how informati

Would like for you to advice changes that would significant, Your boss woul...

Your boss would like for you to suggest changes that would significant shorten it. what would you suggest?

Explain the decision-making view, Describe the decision-making view and the...

Describe the decision-making view and the process view of operations management. Why are both views useful in studying the field of operations management?

Investment triple itself at what interest rate, At what rate of interest, c...

At what rate of interest, compounded annually, will an investment triple itself in (a) 8 years ? (b) 10 years? (c) 12 years?

What are the advantages of holding inventory control systems, What are the ...

What are the advantages of holding inventory control systems? Advantages of holding inventory control Systems: a. Discounts for bulk buying for example, order higher volumes

Explain how is the search industry changing, How is the search industry cha...

How is the search industry changing? What forces seem most likely to bring about major change to the industry within the next three to five years?

Explain symptoms related to customer contact, Unit 1 Discussion Suppose you...

Unit 1 Discussion Suppose you were conducting a marketing analysis for a new textbook about technology management. What would you need to know to identify a market segment? How wou

Explain teaching and medical care have many similarities, In many ways teac...

In many ways teaching and medical care have many similarities. This study of leadership style during innovation efforts has a lot to say about leadership in a time of change in hea

Explain external competitive policies and techniques, 1. How might a compan...

1. How might a company's business strategy affect the internal alignment policies and techniques of its Total Compensation system? 2. How might a company's business strategy affect

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd