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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.
Explain production budget. A production budget may be made by production manager in consultation along with his assistants after obtaining the sales Budget. A production budg
Total Quality Management and Just in Time in Trade Offs When Skinner first introduced the ideas of trade-offs and focus, it was generally held that there was an unavoidable tr
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