What Is "Just-In-Time" Inventory Management

question 107

Essay

What is "just-in-time" inventory management?

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Definitions:

Dominant Strategies

In game theory, strategies that are best for a player, regardless of the strategies chosen by other players.

Payoff Matrix

In game theory, a diagram that shows how the payoffs to each of the participants in a two-player game depend on the actions of both; a tool in analyzing interdependence.

Dominant Strategy

In game theory, an action that is a player’s best action regardless of the action taken by the other player.

Bottled Water

Water that is packaged in plastic or glass bottles and sold for personal consumption, often purified or spring water.