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Agree with Mr.Vinod.
'JUST IN TIME - JIT'
An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.
This method requires that producers are able to accurately forecast demand.
Well explained by Mr. Vinod Jetley
The JIT is in harmony with Lean Management spirit aims reducing all sorts of stocks.
JIt is 'Just in TIme' methodology developed by Japaneese professionals, which is close to Leam Manufacturing system. It is meant to give a smooth work flow with out stoppage and storage not only internaly but also externaly. A manufacturing company only starts a batch when it is required by the customer by calculating back the process time and will order material accordingly keeping the lead time in account.Very simply, if a batch process time is4 days and procurement lead time is3 days, the company will order material only3 days before the process start time and as soon as prodcut is finished will move to customer site. JIT strongly denounce raw material inventory, WIP or Finished good inventory. In order to achieve JIT, process needs to be very robust, flawless and highly reliable.
JIT is basically LEAN management. Just in time is in time , so why wait to proceed?
immediate delivery document before expiry of time.
Thank you for your question, i am learning alot with these questions here in Bayt :-)
Am actually not aware wht it is and in which field it is used, however reading the term JUST IN TIME i guess means something which is just there ready closeby , something fr which you dont need to wait or you are't asked to wait for .
Probably one liner will be not a wait constraint ...
Well answer and explained by Mr. Vinod Jetley
i think Just in time (JIT) is a production strategy that strives to improve a business' return on investment by reducing in-process inventory and associated carrying costs. Just in time is a type of operations management approach which originated in Japan in the1950s. It was adopted by Toyota and other Japanese manufacturing firms, with excellent results: Toyota and other companies that adopted the approach ended up raising productivity (through the elimination of waste) significantly.[1] To meet JIT objectives, the process relies on signals or Kanban (看板?, Kanban) between different points, which are involved in the process, which tell production when to make the next part. Kanban are usually 'tickets' but can be simple visual signals, such as the presence or absence of a part on a shelf. Implemented correctly, JIT focuses on continuous improvement and can improve a manufacturing organization's return on investment, quality, and efficiency. To achieve continuous improvement key areas of focus could be flow, employee involvement and quality.
VERY GOOD ANSWER ALL
THANKS
