Examlex
Answer the following questions pertaining to just-in-time inventory management:
a. What are key elements of the JIT philosophy?
b. What elements of the JIT approach contribute to re ducing materials inventory?
c. Why doproponents of JIT believe inventory is an enemy?
Efficiency
The effectiveness with which resources are used to produce goods and services, achieving the highest output with the lowest input.
Efficiency
The degree to which resources are used optimally to achieve a desired outcome, minimizing waste and maximizing output.
Equality
The situation where individuals have the same rights, opportunities, and status.
Society's Resources
The total available assets, both natural and man-made, that are available for use by a society.
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