Which of the following correctly describes just-in-time (JIT)inventory management?
A)It is a production approach that maintains surplus goods at each stage of manufacture.
B)It is an inventory purchase approach that seeks purchase discounts on buying large quantities.
C)It is a cost management approach that focuses on maintaining lean inventory levels.
D)It is an inventory approach which stockpiles raw materials to protect against supply interruptions.

Question

Quizplus · Accepted Answer

Just-in-time (JIT) inventory management is a cost management approach that focuses on maintaining lean inventory levels. It aims to reduce waste and increase efficiency by only producing or purchasing inventory when it is needed. This approach helps to minimize inventory carrying costs, reduce inventory obsolescence, and improve cash flow.

Which of the Following Correctly Describes Just-In-Time (JIT)inventory Management