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Explain the Nature and Benefits of the Just-In-Time Inventory System

question 80

Essay

Explain the nature and benefits of the just-in-time inventory system and its applicability to small business.


Definitions:

Desirability

The quality of being wanted or wished for as being attractive, useful, or necessary.

Incentive Compensation Scheme

A strategy used by businesses to motivate and reward employees beyond regular pay to improve company performance.

Performance Evaluation

A process of assessing how effectively an individual, system, or organization meets its objectives.

Reward System

A structured program designed to recognize and reward desired behaviors or achievements, often used in organizational settings.

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