JUST-IN-TIME INVENTORY

Intro/Background:
The management of inventory is a problem common to all business
organizations. Basically, inventory is a resource idle for the present but
useful for the future. If it is for the future, then why store it now
physically and incur costs? Why not procure it only when needed? These
questions lie behind the philosophy of Just-in-Time (JIT).
JIT is a process for achieving excellence in a manufacturing company based
on the continuing elimination of waste, and waste is considered to be
anything that does not add value to the product. The principle of JIT is to
eliminate sources of manufacturing waste by getting the right quantity of
raw materials and producing the right quantity of products in the right
place at the right time.
In an effort to control costs during fiscally challenging economic times,
the JIT system was developed in Japan after WWII. Many Japanese companies
in the post-war era were challenged to find a......

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Title: Me Myself And I
Approximate Word Count: 1900
Approximate Pages: 8 (250 words per double-spaced page)

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