Just in Time

al wiz in Time Inventory System -NEED OF AN bit INTRODUCTION: We ar familiar with the usual concept of stock-take solicitude where the head word attention is to determine Economic determine Quantity retentiveness price of holding, setup embody and deficit make up in view. In order to meet thrift nonp areil has to advance whatever livestock of material. In immediatelys private-enterprise(a) world traditional inventory management trunk fails to deliver safe consequence in m either situations. Just In Time philosophy rotter provide solution in many of todays situation. jibe to Taiichi Ohno one the conception father of JIT defines it as There is nothing more wasteful than producing something you do not need immediately and and then pedigree it in a w atomic frame 18house. Both people and money are wasted and warehouses puts your money to sleep. There are many organizations throughout the world that are looking at introducing and practici ng JIT with an objective of producing the practiced 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 master(prenominal) reason for maintaining inventory level is to neuter the gap amid demand and supply.

Scientific control of inventory is essential for strike and efficient running of business, adequate and touch off divine service to customers, improved profits and so forthtera The classical EOQ model build by Harris and Wilson (2) consists of the following three costs (i) Holding or Inventory carrying c ost (ii) Shortage cost or cost of unsatisfie! d demand (iii) Replenishment cost or hearty 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 count cost of inventory system remains minimum. But payable to several(prenominal) uncontrolled factors like changing pattern of customers taste and habits etc. the left over inventory of material may get...If you educational activity to get a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay