Explain limitations regarding a Just-In-Time purchasing system.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question
Explain limitations regarding a Just-In-Time purchasing system.
Expert Solution
Step 1: Explain Just-In-Time
A Just-In-Time (JIT) is the aspect of inventory management that deals with purchasing the stock or inventory used by the company for producing the products. This approach to inventory management focuses on procuring and receiving materials or stock only when they are required in the production process. The objective of this system is to reduce inventory holding costs and improve operational efficiency.
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