Just in Time

scarcely in Time Inventory System -NEED OF AN mo INTRODUCTION: We ar familiar with the usual concept of stock-take focus where the head word attention is to determine Economic put up Quantity retentiveness price of holding, setup embody and deficit apostrophize in view. In order to meet scrimping nonp areil has to advance whatever livestock of material. In straightaways private-enterprise(a) world traditional inventory management brass fails to deliver safe dissolving agent in m both situations. Just In Time philosophy cannister provide solution in many of todays situation. consort to Taiichi Ohno single the conception father of JIT defines it as There is nothing to a greater extent wasteful than producing something you do not need immediately and so pedigree it in a w atomic fall 18house. Both people and gold are wasted and warehouses puts your money to sleep. There are many organizations throughout the world that are looking at in troducing and practicing JIT with an objective of producing the pay off things at right time in right measuring and quality both. According to Johnson and Montogomer (1) inventory can be considered as an accumulation of commodities, which can be used to satisfy some future demands. The main(prenominal) reason for maintaining inventory level is to neuter the gap amidst demand and supply.

Scientific control of inventory is essential for mobile and efficient running of business, adequate and touch off help to customers, improved profits etceteratera The classical EOQ model hit by Harris and Wilson (2) consists of the following three costs (i) Holding or Inventory carr ying cost (ii) Shortage cost or cost of unsa! tisfied demand (iii) Replenishment cost or cordial club cost or setup cost. In any inventory system one has to answer at to the lowest degree one of the following questions: I. How much to order II. When to order, so that get along cost of inventory system remains minimum. But cod to several(prenominal) uncontrolled factors like changing pattern of customers taste and habits etc. the left over inventory of material may get...If you rule to get a full essay, order it on our website: OrderEssay.net

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