Which of the Following Is True of Just-In-Time (JIT)Management

question 153

Multiple Choice

Which of the following is true of Just-in-Time (JIT) Management?

• A) It results in more storage and insurance costs.
• B) It is a system in which the company produces products only after receiving an order.
• C) It promotes surplus inventory to prevent production shut-down in case of supply interruptions.
• D) It requires a surplus inventory of finished goods to ensure timely, or just-in-time, delivery to customers.

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Definitions:

Equilibrium

A condition in the market where the balance between supply and demand is achieved, resulting in steady prices.

Human Capital

The economic value of the abilities, skills, knowledge, and experience possessed by an individual or population.

Particular Use

Suggests a specific application or purpose that something is designed or utilized for.

Labor Supply Curve

A graphical representation showing the relationship between the amount of labor workers are willing to provide at various wage rates.