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Just-in Time (JIT) Inventory management
JIT is a system whose purpose is to generate or to purchase products or components as they are required by customers or for use rather than for stock.
A JIT system is a pull system which responds to demand as opposed to a push system in which stocks acts as buyers between the different element of the system like purchasing, manufacture and sales.JIT production
Is a production system, that is driven by demand for the finished products whereby each component on the production line is produced only when needed for the next stage.
THE BASIC EOQ MODEL This is the most simple of all the models discussed. In addition to the general assumptions which relate to all deterministic models (i.e. certainty of all
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