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Title: ADVANTAGES AND DISADVANTAGES OF JUST-IN-TIME
Description: Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.
Description: Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.
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ADVANTAGES AND DISADVANTAGES OF JUST-IN-TIME (J
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T)
Just-In-Time is an inventory management approach in which goods are received from
suppliers only as they are required
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The J
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T Process
https://www
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com/inventory/guides/what-is-just-intime
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BENEFITS OF JUST-IN-TIME
1
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In a just-in-time method you order only what you require so there's no
risk of accumulating useless inventory
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Decrease warehouse cost – In a just-in-time method the warehouse holding costs are
minimized because you order only when your customer places an order
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3
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I
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They can
respond to customers’ requirements by quickly boosting the production for an indemand product and decreasing the production for slow-moving items
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Local Sourcing – Since just-in-time needs you to start manufacturing only when an
order is
placed, you must source your raw materials locally as they will be provided to your
unit much faster
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5
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DISADVANTAGES:
1
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This is because you base your stock off on-demand projections and if
those are inaccurate then you will not have the proper amount of stock readily
available for your consumers
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Lack of control over time frame - having to depend on the punctuality of suppliers
for each order puts you at risk of delaying your customers receipt of goods
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3
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Most businesses
have seasonal sales periods meaning a number of products will need a higher stop
level at certain times of the year because of more increased demand
Title: ADVANTAGES AND DISADVANTAGES OF JUST-IN-TIME
Description: Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.
Description: Just-in-time, or JIT, is an inventory management method in which goods are received from suppliers only as they are needed. The main objective of this method is to reduce inventory holding costs and increase inventory turnover.