The Basic Philosophy Behind Just-In-Time (JIT) Inventory Systems Is To

question 44

Multiple Choice

The basic philosophy behind just-in-time (JIT) inventory systems is to:

• A)economize on inventory holding costs.
• B)reduce inventory turnover.
• C)create a buffer stock of inventory.
• D)reduce costs by reducing quality.
• E)increase the total working capital requirement.

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Definitions:

Process Innovations

Refers to the introduction of new or significantly improved processes in an organization, enhancing efficiency or production.

Diffusion

The spreading of something more widely, in various contexts such as the diffusion of innovations, information, or particles.

Innovation

The process of creating and implementing new ideas, products, or processes, which often leads to improvements or advancements.

Richard Walton

A notable figure in the field of industrial relations and labor management, recognized for his contributions to workplace conflict resolution and labor policy.