Receiving a required inventory item at the exact time needed.
(A) ABC
(B) JIT
(C) FOB
(D) PERT
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Answers
Answer:
The required answer is an option (b) JIT
Explanation:
Inventory:
A company's inventory is made up of the components, finished commodities, and raw materials it sells or utilizes in manufacturing. Inventory is viewed as an asset in accounting. Accounting professionals use stock level information to accurately report valuations on the balance sheet.
Just-in-Time (JIT) in Inventory Management:
JIT is a type of inventory management that calls for close coordination with suppliers to ensure that raw materials arrive at the exact time when manufacturing is supposed to start, but no earlier. The objective is to keep just enough inventory on hand to meet demand.
1. If you have a tested, dependable supply chain and precise demand planning, using JIT has more benefits than drawbacks.
2. If you don't have precise and timely updated sales predictions, JIT could be risky.
3. Confirm that your inventory system is compatible with JIT inventory management before deploying JIT.
Therefore, the required correct option is (b) JIT
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Answer:JIT
Explanation: