August 2011
Beginner
547 pages
16h 12m
English
Content preview from Fundamentals of Financial Management, Third Edition
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11.3 JUST-IN-TIME INVENTORY SYSTEM
The just-in-time (JIT) inventory system was first adopted in Toyota factory in Japan and it was known in the very beginning as kanban system. The rationale behind the JIT inventory system is that it reduces the carrying cost significantly inasmuch as raw material arrives at the firm exactly when it is required for the production process. JIT involves reducing the number of suppliers, streamlining the purchase procedure, redesigning the plant lay-out and proper control over production.
just-in-time (JIT) inventory system is that raw material arrives at the firm exactly when it is required for the production process.
The suppliers should be few and well-chosen. The relationship with them should be close and ...
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