The just-in-time inventory method is an approach where

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The just-in-time inventory method is an approach where materials, parts, and other goods are ordered only in quantities required to meet immediate production needs. These items are then carefully scheduled to be received at precisely the time they are needed. This increases efficiency, reduces waste, and ultimately minimizes inventory carrying costs. JIT was developed in Japan and is also known as the Toyota Production System. A contrasting approach to JIT is called just-in-case (JIC). With JIC, companies that have difficulty with forecasting carry large inventories to minimize the risk of shortages.Which of the above methods would you prefer as a manager and why??

Reference no: EM13581314

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