JUST IN TIME Meaning and
Definition
-
Just-in-time (JIT) is a production strategy utilized in manufacturing and supply chain management to maximize efficiency and minimize waste. It is an inventory management approach that ensures the right amount of materials are available at the precise moment they are needed for production or delivery, resulting in reduced inventory carrying costs and increased productivity.
In a just-in-time system, products are manufactured or delivered just in time when customers demand them, rather than being produced and stored in large quantities in advance. This method aims to avoid unnecessary inventory holding costs, storage expenses, and obsolescence risks associated with keeping excessive stock. Instead, it emphasizes a synchronized flow of materials that ensures the arrival and use of components or supplies only when they are required in the production process.
Just-in-time systems rely heavily on accurate demand forecasting, efficient coordination between suppliers and buyers, and a well-coordinated production schedule to prevent disruptions in the supply chain. By implementing a just-in-time approach, companies can save costs, reduce lead times, and improve overall production efficiency.
However, JIT also comes with certain risks as it requires careful planning and coordination to optimize production and delivery schedules. Any delay or disruption in the supply chain can negatively impact the entire system. Therefore, it necessitates strong relationships and trust between suppliers and buyers, as well as the ability to quickly respond to unexpected changes in demand or supply.
Common Misspellings for JUST IN TIME
- hust in time
- nust in time
- must in time
- kust in time
- iust in time
- uust in time
- jyst in time
- jhst in time
- jjst in time
- jist in time
- j8st in time
- j7st in time
- juat in time
- juzt in time
- juxt in time
- judt in time
- juet in time
- juwt in time
- jusr in time
- just un time
Idioms with the word JUST IN TIME
-
just in time
The idiom "just in time" refers to doing something at the last possible moment before it is too late or just before it is needed.
Infographic
Add the infographic to your website:
