Premise for JIT
The basic premise for JIT is fairly simple: a company only produces an item when there is a need, or just-in-time for a company or individual to purchase it (Manoocherhi, 1988).
Just In Time (JIT) is an inventory management approach that involves coordinating quantities of supply with levels of demand to ensure the fastest time to customer and the shortest time in inventory. The key to controlling inventory with JIT is knowing how long an item will last (shelf-life or actual use) and how long it will take from the time of order for the item to arrive from the supplier. Understanding these two factors allows the business to establish procedures for ordering items so that they arrive JIT for use without the need to store them for any length of time.
Examples of ABC stratifications would include ABC by velocity (times sold), ABC by sales dollars, ABC by quantity sold / consumed, ABC by average inventory investment, ABC by margin.
To the seller, direct shipping describes both the process and an inventory/sales strategy, however, the supplier will frequently just use the term "drop ship" to describe the process whereby he is shipping the product to an address other than that of his customer (the business that is paying him for the product).
In some cases this is more than just a delivery method, but also a method whereby the supplier manages the inventory process, physically delivers and stocks the product on the retailer's store shelves.
The principle of Just in time is to eliminate sources of manufacturing waste by getting the right quantity of raw materials and producing the right quantity of products in the right place at the right time.(1) In this way, manufactures receive parts and materials “just in time” to meet the day’s manufacturing quota with hardly any extra.(3) JIT is a manufacturing management method developed in Japan during the 70’s to meet customer demands....
Just-in-time (JIT) inventory refers to an inventory management system with objectives of having inventory readily available to meet demand, but not to a point of excess where you must stockpile extra products.
AutoIMS expects OVE to be the first of several partners for the Hub. As the name implies, the Hub ultimately aims to provide real-time, simultaneous inventory information across multiple in-lane and online channels. Chief Architect Robert Williams added, "As a neutral partner with existing connections to auctions and sellers, AutoIMS is in the perfect position to inform all parties when a vehicle sells, giving inventory maximum exposure while reducing the risk of double-selling."
It is obvious that students who are asked to prepare a term paper have to spend much time to study the topic well. Up-to-date books, articles in encyclopedias, newspapers, magazines will be useful for students to improve their knowledge and organize their thoughts in a good order. If one wants to present something new into the discipline, he has to read special scientific publications which explain the topic in detail. In order to understand how to write a good paper, free example term papers on inventory management will be useful for every student who has certain problems. The only important thing is that the example of the paper in the Internet should be treated like a simple model but not the ready text for copying/pasting.
1.Â Â Â Find a journal article online about just-in-time inventory systems. Provide the link to the article. Provide a summary and a reaction to the article. The summary should describe the major points of the article, and the reaction should demonstrate your interpretation of the article and how it can be applied.
A well-organized term paper should present a good description of the inventory management, the reasons and effect of the proper management on the development of profitable business. A term paper is a profound research of the topic, so it should be informative and interesting. One has to investigate the problem profoundly to be able to analyze the topic of inventory management and brainstorm good ideas and methods which can improve the quality of management.
The Hub launch is well-timed as remarketing volumes begin to rebound and commercial consignors of all types continue to increase their use of online selling venues. Through its support of the Hub, the auction industry is showing that it understands the growing importance of the online channel, and is dedicated to providing a seamless remarketing inventory management platform to institutional sellers.
The representative from the company explained that empty inventory shelves were a direct result of the newly implemented system and that the company currently does not hold more than a days worth of goods at any one time.