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How Do Just-In-Time Production Systems Differ from Traditional Production Systems

question 63

Essay

How do just-in-time production systems differ from traditional production systems in their approach to raw materials and labor?


Definitions:

Fixed Asset Purchases

Expenditures on long-term assets such as equipment, buildings, and machinery, which are used in the operation of a company.

Operating Cash Flow

A measure of the cash generated by a company's normal business operations, indicating its ability to cover its bills and invest in growth.

Current Asset

An asset on the company's balance sheet that is expected to be sold, consumed, or converted into cash within one year or during the normal operating cycle of the business.

Patents

Legal rights granted to inventors that prevent others from making, using, or selling an invention for a certain period of time.

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