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What Is JIT? What Is the Basic Assumption That Explains

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What is JIT? What is the basic assumption that explains the use of JIT? List four benefits associated with the use of JIT. Are there any disadvantages associated with JIT?


Definitions:

Confidence Interval

A range of values, derived from sample statistics, that is believed, with a certain level of confidence, to contain the value of an unknown population parameter.

Standard Deviation

A measure of the amount of variation or dispersion in a set of values, frequently used in statistics to gauge the spread of a dataset.

Random Sample

A subset of individuals chosen from a larger set where each individual has an equal chance of being selected, designed to represent the larger group.

Waiting Time

The period between a request or need for service and the actual provision of that service, often analyzed in queue theory and service operations.

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