Briefly Discuss the Advantages and Disadvantages of Individual Incentive Programs

question 107

Essay

Briefly discuss the advantages and disadvantages of individual incentive programs.

---

Definitions:

JIT Inventory

JIT inventory, or Just-In-Time inventory, is a management strategy that aligns raw-material orders from suppliers directly with production schedules to reduce stock levels.

Just in Time

The Just in Time (JIT) methodology is an inventory management strategy that aims to reduce waste and increase efficiency by receiving goods only as they are needed in the production process.

Suppliers

Entities or individuals that provide goods or services to other entities or individuals, typically within a business or manufacturing process.

Short-term Financing

Refers to the obtaining of loans or other monetary support for a period of typically less than one year, to address immediate financial needs.