What Is Just-In-Time (JIT) Production? How Does a JIT System

question 281

Essay

What is just-in-time (JIT) production? How does a JIT system help managers minimize inventory costs?

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Definitions:

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution, aiming to provide an accurate description of the entire data set.

Median

A statistical measure that represents the middle value in a given series of numbers, dividing the dataset into two equal halves.

Mode

The value that appears most frequently in a data set, representing the most common outcome.

Variation

The occurrence of differing or changing characteristics within a species, population, or process, often leading to evolutionary adaptations or improvements in a species’ ability to survive.