The Just-In-Time Approach to Inventory Management Is a Method Used

question 16

True/False

The just-in-time approach to inventory management is a method used to monitor and control inventory levels by aiming for raw materials to only arrive 'just in time' for use, thus minimising the need for expensive stock holdings and storage.

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Definitions:

Voluntarily

Acting on one's own accord without external compulsion or coercion, often implying a choice made freely.

Economic Change

A shift or alteration in the conditions influencing an economy, such as growth rates, levels of employment, or technological advancements.

Industrial Activity

Economic activities related to the production of goods and services in various sectors, including manufacturing and construction.

Globalization

The process by which businesses, technologies, cultures, and ideas spread across the world, leading to increased interconnectedness and interdependence of nations.