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Q. Just-in-time inventory management processes?
Just-in-time (JIT) inventory management processes seek to eliminate any waste that arises in the manufacturing process as a result of using inventory. JIT purchasing processes apply the JIT principle to deliveries of material from suppliers. With JIT production processes inventory levels of raw materials work-in-progress and finished goods are reduced to a minimum or eliminated altogether by improved work-flow planning and closer relationships.
Roxanne invested $560,000 in a new business 7 years ago. The business was expected to bring in $8,000 each month for the next 26 years (in excess of all costs). The annual cost of
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