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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.
A quality control unit in ball-bearing manufacturing company keeps record of error in terms of the number of faulty balls (W) per a lot. The size of standard lot is 8, and the prob
Why are organizations changing from batch (large) shipments to just-in-time (JIT) shipments?
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