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Operations Management
The JIT solution: Requires carrying materials inventory in order to lower the cost of inventory without production delays Requires selection of vendors based on lowest cost alone Exploits supplier linkages by negotiating long term contracts with a few chosen supplies located closest to the production facility and establishing more supplier involvement Requires a solid forecast to push production

The JIT solution: Requires carrying materials inventory in order to lower the cost of inventory without production delays Requires selection of vendors based on lowest cost alone Exploits supplier linkages by negotiating long term contracts with a few chosen supplies located closest to the production facility and establishing more supplier involvement Requires a solid forecast to push production

Practical Management Science
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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  1. The JIT solution:
    1. Requires carrying materials inventory in order to lower the cost of inventory without production delays
    2. Requires selection of vendors based on lowest cost alone
    3. Exploits supplier linkages by negotiating long term contracts with a few chosen supplies located closest to the production facility and establishing more supplier involvement
    4. Requires a solid forecast to push production
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