JIT management
- This is a preview of the essay.
To view the full text you must login!
Introduction:
Businesses are established to perform economic activities and get financial returns on the effort and time taken. One among the major expenses of a business is related to inventory, that is wastage related to activities that add cost of moving and storing inventories without adding any value to the business. This is where Just In Time (JIT) management comes into picture. The subject of lean manufacturing is a popular one, especially in today's environment where revenue and productivity take a front seat to everything else (Pheng & Chuan, 2001). JIT is a management philosophy that strives to the eliminate source of manufacturing waste by producing the right part in the right place at the right time which results in improved profits and return on investment by reducing inventory levels (http://personal.ashland.edu, 2004). Slack, Chambers and Johnston (2004) define JIT as a method of planning and control and an operations philosophy that aims to meet demand instantaneously with perfect quality and no wastage (www.intranet.management...