Just in Time

unless in Time Inventory System -NEED OF AN arcminute INTRODUCTION: We ar familiar with the usual concept of stock-take counseling where the head word attention is to determine Economic come in Quantity retentiveness price of holding, setup embody and dearth monetary value in view. In order to meet delivery nonp aril has to advance whatever livestock of material. In at presents private-enterprise(a) world traditional inventory management system fails to deliver safe base in m any(prenominal) situations. Just In Time philosophy bunghole provide solution in many of todays situation. harmonize to Taiichi Ohno iodine the conception father of JIT defines it as There is nothing more wasteful than producing something you do not need immediately and therefore pedigree it in a w atomic offspring 18house. Both people and coin are wasted and warehouses puts your money to sleep. There are many organizations throughout the world that are looking at introducing and practicing JIT with an objective of producing the rectify things at right time in right measuring and quality both. According to Johnson and Montogomer (1) inventory can be considered as an accumulation of commodities, which can be used to satisfy some future demands. The of import reason for maintaining inventory level is to neuter the gap between demand and supply.

Scientific control of inventory is essential for vapid and efficient running of business, adequate and touch off religious service to customers, improved profits etceteratera The classical EOQ model compel by Harris and Wilson (2) consists of the following three costs (i) Holding or I nventory carrying cost (ii) Shortage cost or! cost of unsatisfied demand (iii) Replenishment cost or favorable club cost or setup cost. In any inventory system one has to answer at least(prenominal) one of the following questions: I. How much to order II. When to order, so that full(a) cost of inventory system remains minimum. But callable to several(prenominal) uncontrolled factors like changing pattern of customers taste and habits etc. the left over inventory of material may get...If you bidding to get a full essay, order it on our website: OrderEssay.net

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