Since the dawn of human existence evolution in all sectors of society has occurred due to Economic factors. This has mainly happened due to the fact that all technological achievements have occurred in favor of money.
Specifically we can admit that Economy is the main reason for growth and development. By these means it is in our interest to establish strong economies either as societies (macroeconomics) or as individuals (microeconomics). For these reasons several techniques and methods have been initiated in order help modern individuals to develop. Such techniques are usually Accounting or Managerial in their nature. However one of the most important technique is both an Accounting and a Managerial technique and is called "The just in time method".
Just in time manufacturing "was an inventory control approach that was developed by Taiichi Ohno at Toyota Motor Company of Japan. Specifically it requires that "the exact quantity of defect-free raw materials, parts and subassemblies are produced just in time for the next stage of the manufacturing stage" (Ivancevich-Lorenzi-Skinner, p 427). That actually means an inventory is never large and by this way cost is being reduced due to the fact that there are no losses of materials due to ba...
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- JIT Just-in-time production is considered to be on the leading edge of technological advancement. With improvements in the virtually every industry, maintaining an effective production line while minimizing inventory costs is a very feasible option. Just-in-time systems are designed to keep inventory costs at a minimum, unlike the ways of old, with large warehouses loaded with back inventory. With technology allowing instantaneous communication around the world, production lines and stores do not have to wait for days for inventory delivery.... [tags: GCSE Business Marketing Coursework]
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