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What is a Just In Time Inventory?

Just-in-Time inventory is aimed at monitoring the inventory process to lower the costs involved in inventory control and maintenance. The strategy depends largely on the efficiency to utilize raw materials for production of goods. This helps to avoid the costs associated with carrying large inventories of raw materials in any given situation. That leading business personalities in the past had also made use of just-in-time inventory's principles to purchase raw material for production of machine parts clearly testifies the fact that the very idea of just-in-time inventory had come into vogue long ago. Today, purchasing departments of several leading firms employ the strategy and realize enormous success in arresting the costs.
by Margaret Walker on Mon, 10/11/2010 - 22:12

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