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Tip of the Day Play the IRA Game Smart

Play the IRA Game Smart - When planning for your retirement it is always wise to do it in the right order so that you have the plan with the...

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    Just-in-Time (JIT)

    Definition: Just-in-time (JIT) manufacturing is a process by which companies don't keep lots of excess inventory; instead, they manufacture a product as an order comes in.Advice: JIT is an important topic for manufacturers.  Companies that employ it effectively can decrease their inventories and increase overall efficiencies.  Decreasing inventory allows companies to decrease waste, which saves lots of money; however, this often comes at the cost of slower completion times to fill orders.

     

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    Jonny Boy said:

    I have this as a definition - came from my 1st year College: Just-In-Time - Just-In-Time is a warehousing and transportation term that refers to goods arriving at a destination at the point that it is required at a plant or facility. Just-in-time or JIT reduces the cost of inventory storage and management. This strategy is used widely in the automotive and manufacturing industries. The vendor delivers product or raw materials to a supplier just prior to processing. Some drawbacks are that the timing is critical, and this process must be 100% error free, as a delay can result in a product line shut-down, which is more expensive than short term inventory management costs.

    Luis said:

    Thanks for your comment. it helped me ^^

    Scott Pollard said:

    Politically, there was no need for that comment. add me on facebook and lets sort this out you twat.

    Amz said:

    Thanks Jonny helped a lot boss

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    Definition of the Day Permanent Financing

    Permanent Financing - When a need arises for a company or individual to purchase or develop something that is not expected to be sold in the next fiscal year, such as office furniture or manufacturing equipment, this is called a long term fixed asset. Often short term financing is required...

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