Just-In-Time

Also known as JIT

Just-In-Time.   Definition: A system of manufacturing which tries to keep inventory as low as possible throughout the production process.  In order to do this parts must arrive at the next step shortly before they are needed.   Example: While implementing Just-In-time to their factories Binova Computer Company ran out of parts many times.

Inventory.   Definition: Inventory is the product kept in storage awaiting the next stage in production or which will go to a customer.   Example: All the inventory of the butter company went bad when the power was out for two days.

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