JIT (Just-in-time) manufacturing.
JIT ( Just-In-Time) Meaning: JIT ( Just-In-Time) manufacturing: Full form of JIT is Just-In-Time. JIT ( Just-in-time) manufacturing is planning in terms of procurement policies and the manufacturing process. The JIT (Just-In-Time) inventory system is a management strategy where raw-material is ordered from suppliers as per production schedules so as to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, hence reducing inventory costs. In short, JIT (Just-In-Time) manufacturing is an inventory management system to increase efficiency and decrease waste by receiving only sufficient goods to meet demand. JIT (Just-In-Time) manufacturing works on a demand-pull basis. Factors reliant: 1. Timely supply of raw materials by supplier. 2. Company is using raw materials, leaving little to no raw materials left over after production. 3. Companies utilizing the raw materials for filling orders on a ...