In a Just-In-Time Management System,explain

question 25

Essay

In a just-in-time management system,explain
a.why suppliers become very important to the overall manufacturing process,and
b.what incentives can be offered to reward good suppliers.

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Definitions:

Linear Demand

An economic model where demand for a good or service changes proportionately with changes in price.

Unit Elastic

A situation in demand or supply where the elasticity is exactly one, indicating that a change in price results in a proportionate change in the quantity demanded or supplied.

Total Revenue

The total amount of money received by a firm from selling its goods or services.

Price Elastic

Describes how sensitive the demand for a good or service is to changes in its price.