Just In Time Inventory Homework Help
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Supply chain management is a train of processing the goods starting from the initial stage to the final finished product stage. It plays a pivotal role in ensuring that the goods are delivered to the consumers in quality and proper quantity. In that inventory plays an important role. Just In Time or JIT is a techniques first adapted by the Japanese company Toyota to ensure proper quality and on time delivery of goods by the help of in time inventory requirement and not stocking inventories for longer time. In this article about Just In Time Inventory homework Help we discuss the fundamentals and conclusions of JIT.
Fundamentals of JIT
JIT is based on the following fundamentals as listed in our Just In Time Inventory homework Help article
JIT manufacturing and ordering
Elimination of waste
Lean management theory
Signal System also known as KANBAN
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The following inventory models introduced in this Just In Time Inventory homework Help article also are important to implement JIT
i. Independent demand inventory model, according to which the inventory stock is dependent upon the market condition and is never related to any material used by the organization in current status.
ii. Dependent demand inventory model, according to which the raw material procurement is done based on the demand of finished products in the inventory stock.
Just In Time Inventory Homework Help Advantages
Poised improvement in production and material handling
Eradication on non valued activities
Use of complete machinery system
Implementation if total quality management
Multi skilled workers can be utilized
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