What Is the JIT Inventory Management? What Types of Costs

question 65

Essay

What is the JIT inventory management? What types of costs are minimized with JIT control? In order to use JIT,is it better to have high ordering costs or low? Why? Do you think companies that use JIT inventory control tend to have high or low carrying costs? Why?

---

Definitions:

Gross Returns

The total return on an investment before any deductions are made for costs or fees.

Written Agreement

A formalized record of a contract or arrangement between parties, documented in written form.

Legal Pitfalls

Situations or actions that could potentially lead to legal issues or disputes due to non-compliance with laws, regulations, or standard practices.

Early Hospitals

Institutions established in the pre-modern era that provided care for the sick, poor, and those in need, often linked to religious or charitable organizations.