Just-in-Time (JIT) Inventory Materials Management Vocabulary

 

 

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Joint cost
A type of common cost where products are produced in fixed proportions, and the cost incurred to produce on product necessarily entails the production of another; the backhaul is an example.
Joint rate
A rate over a route that involves two or more carriers to transport the shipment.
Joint Supplier Agreement
Indicative of Stage 3 Sourcing Practices, the Joint Supplier Agreement includes terms & conditions, objectives ,process flows, performance targets, flexibility, balancing and incentives
Just-in-Time (JIT)
An inventory control system that controls material flow into assembly and
manufacturing plants by coordinating demand and supply to the point where desired materials arrive "just in time" for use.
An inventory reduction strategy that feeds production lines with products delivered "just in time”. Developed by the auto industry, it refers to shipping goods in smaller, more frequent lots and helps in reducing waste and recycling time. Operationally, JIT minimizes inventory at all the locations.
Just-in-Time II (JIT II)
Vendor-managed operations taking place within a customer's facility.
JIT II was popularized by the Bosche Corporation. The supplier representative, called "inplants," place orders to their own companies, relieving the customer's buyers from this task. Many also become involved at a deeper level, such as participating in new product development projects, manufacturing planning (concurrent planning)

 

 

 

 
 
 
 
 

 Get terms alphabeticallyA B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 

 

 

 

 

 

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