EBK ESSENTIALS OF MIS
12th Edition
ISBN: 8220101459305
Author: LAUDON
Publisher: PEARSON
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Chapter 9, Problem 9HMP
Program Plan Intro
Just-In-Time replenishment:
It is abbreviated as JIT, which is one of the inventory strategies. It helps the organization to increase efficiency and decrease waste as well as reduces response times from dealers and to customers. The main advantage of JIT is cost effective. JIT method requires manufacturers to predict demand accurately.
Point-Of-Sale:
It is abbreviated as POS, which is nothing but the time and place where a trade transaction is completed. Here, the merchant calculates the amount owned by the customer by using devices like barcode scanners, cash registers, etc. Now-a-days businesses are adopting POS systems.
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