What Is the JIT Inventory Management? What Type of Costs

question 10

Essay

What is the JIT inventory management? What type of costs are minimized with JIT control? In order to use JIT, is it better to have high ordering costs or low? Why? Do you think companies that use JIT inventory control tend to have high or low carrying costs? Why?

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Definitions:

Lifestyle

The interests, opinions, behaviours, and behavioural orientations of an individual, group, or culture.

Brand

A distinguishing name, term, design, symbol, or feature that identifies one seller's goods or services as distinct from those of other sellers.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which outlines a hierarchy of human needs, from basic physiological needs to self-actualization.

Employment

A situation in which an individual works for a company or another person and receives compensation in the form of wages, salary, or other benefits.