Just-in-time
Just-in-time
Glossary of business
Definition of just-in-time
Just-in-time is a system which operates on the scheduling of stocks in a precise, co-ordinated way, so minimising the quantity needed to be held. Stocks are only ordered a short time period before they are needed for the actual production of the final good. This technique helps to minimise stocks and therefore reduce the costs of holding stocks. Just-in-time production requires a close relationship with suppliers to ensure that stocks are available exactly when they are needed.
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Terminology about business
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Definition and meaning of just-in-time
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