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Listen "[PRO Tips] Just-in-Time (JIT): Definition, Example, and Pros & Cons"
Episode Synopsis
The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules. Companies employ this inventory strategy to increase efficiency and decrease waste by receiving goods only as they need them for the production process, which reduces inventory costs. This method requires producers to forecast demand accurately.
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