What is JIT purchasing system and basic features of it?
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Keeping this in consideration, what are the main features of JIT production?
The benefits of JIT production include lower freight costs and lower margins from better flow of? information, higher? quality, and faster? delivery, as well as simpler accounting systems. The cost of JIT production is carrying costlong dash— the costs that arise while goods are being held in inventory.
Subsequently, question is, what is the JIT system? The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules. The JIT inventory system contrasts with just-in-case strategies, wherein producers hold sufficient inventories to have enough product to absorb maximum market demand.
Beside above, what is JIT explain its benefit?
JIT or just in time is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. More cost efficient production. Continuous quality improvement. Waste Elimination. Improve productivity.
What are the elements of JIT?
JIT system The three elements are just-in-time manufacturing, total quality management, and respect for people.