Flash cards are really good, quizlet is also a really good one. or write the definition and draw a picture of it too match with the term.
Answer:
Pasti-Form group is implementing the "Just in Time Inventory System".
(JIT) inventory is a strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.
Explanation:
Just in time inventory, also known as JIT inventory, is the reduced amount of inventory owned by a business after it installs a just-in-time manufacturing system. Doing so eliminates a considerable amount of investment in inventory, thereby reducing the working capital needs of a business.
This JIT is a system of managing inventory that is designed to improve efficiency and reduce waste in a production process, and minimize inventory carrying costs as it costs money to hold inventory and the just-in-time system aims to eliminate that cost by reducing the amount of inventory that a company maintains. The concept is based on a cluster of lean manufacturing activities that are designed to only manufacture enough products to meet customer demand.
The elements of JIT include:
Continuous improvement
Eliminating waste
Good housekeeping - workplace cleanliness and organisation.
Set-up time reduction - increases flexibility and allows smaller batches
Levelled / mixed production - to smooth the flow of products through the factory.
The Key Features of JIT Inventory benefit businesses by:
Less reliance on forecasting
Lower warehouse costs
Less spoilage and waste
Higher Return On Total Assets ratio (ROTA)
Reduced all around inventory costs
<span>This is according to the functionalist perspective. This perspective states that society works on a system where the parts work together to promote the solidarity and stability of the whole. Therefore, if the jobs help with society the most, the workers in these positions are given more money.</span>