Explain How JIT Works in Services

question 65

Essay

Explain how JIT works in services. After all, how does "small lot size" and "reduce setup cost" make sense in services?
Supply examples to support your work.

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Definitions:

Treasury Stock

Shares that were once part of the outstanding shares but were bought back by the company and are held in the company's treasury.

Equipment

Tangible assets used in the operations of a business, such as machinery, computers, and tools, which have a useful life of more than one year.

Spreadsheet

A digital worksheet that organizes data in rows and columns, often used for calculations, data analysis, and information storage.

Statement Of Cash Flows

A financial report that shows how changes in balance sheet accounts and income affect cash and cash equivalents, breaking the analysis down to operating, investing, and financing activities.