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Mt435 unit 2 journal

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JIT
When we refer to just-in-time inventory, this is a system management plan that maintains a
specific level of raw materials and completed products stored or ordered based upon the need of
the firm or historic demand of the products (Estall, 1985). This process mainly focusses on
generating efficiency within the firm. With the implementation of the process the firm will have
to forecast what supply it will need to maintain within its inventory based upon the demands
within the market to be as efficient as possible. A firm’s ability to properly forecast its required
inventory is crucial for the type of system. This system makes it so the firm will only acquire
inventory for production when it is truly necessary to lead to a decrease in production costs.
Lean production.
Manufacturing forms utilize this system to help eliminate waste within production, while also
being able to maintain the high level of quality within their services and goods (Womack &
Jones, 1994). This system is great as it provides the ability to account for the wastes within the
production of the product because of overburden on employees and an uneven workload. With
lean production implemented in a business, the business can reduce production costs while at the
same time providing improved quality of services and goods. This happens due to the large

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JIT When we refer to just-in-time inventory, this is a system management plan that maintains a specific level of raw materials and completed products stored or ordered based upon the need of the firm or historic demand of the products (Estall, 1985). This process mainly focusses on generating efficiency within the firm. With the implementation of the process the firm will have to forecast what supply it will need to maintain within its inventory based upon the demands within the market to be as efficient as possible. A firm’s ability to properly forecast its required inventory is crucial for ...
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