Examlex
Which of the following is a correct listing of industry models ordered from most competitive to least competitive?
JIT
Just-In-Time; a supply chain management strategy aimed at reducing inventory costs by receiving goods only as they are needed in the production process.
MRP
Material Requirements Planning is a system for calculating the materials and components needed to manufacture a product, ensuring that materials are available for production and products are available for delivery.
EOQ Model
The Economic Order Quantity model, a formula used in inventory management to determine the optimal order size that minimizes total holding and ordering costs.
Inventory Management
The supervision of non-capitalized assets (inventory) and stock items to ensure an adequate supply without excessive oversupply.
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