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Set Concrete Goals - One of the best ways to help you set a budge and live within your means is to set realistic, but concrete, goals for things like...

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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

cheese cutting board said:

the site has actually helped me for my accounting classes. In fact there are so many terminologies associated with finance and accounting. Among that just in time or JIT comes first. This is used by companies to remove the excessive inventories

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