Question 8What of the following best describes just-in-time inventory management? A firm minimises the time lags present in the supply chain by maintaining a certain amount of inventory to use in these lag times Inventory is maintained as a buffer to meet uncertainties in demand, supply, and movements of goods Production inefficiencies arising when production capacity stands idle for lack of materials are minimised by holding a small stock of essentials at all times A firm acquires inventory precisely when needed so that its inventory balance is always at, or close to, zero

Just in time is a Inventory management technique in which goods are received from suppliers only as…

Answered: time inventory management? A firm…

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

What of the following best describes just-in-time inventory management?

		A firm minimises the time lags present in the supply chain by maintaining a certain amount of inventory to use in these lag times
		Inventory is maintained as a buffer to meet uncertainties in demand, supply, and movements of goods
		Production inefficiencies arising when production capacity stands idle for lack of materials are minimised by holding a small stock of essentials at all times
		A firm acquires inventory precisely when needed so that its inventory balance is always at, or close to, zero