No.17 ~ Just in Time | Meaning | Importance | Elements | Advantages | Disadvantages | (Hindi)

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📌 Just in Time
Just in Time
00:00 Starting
00:19 Purchase PDF BOOK of Production & Operation Management
00:47 Meaning of Just in Time
03:40 Importance of Just in Time
07:20 Elements of Just in Time
09:50 Advantages of Just in Time
13:27 Disadvantages of Just in Time
👉 Meaning of Just in Time
Just-in-time (JIT) is an inventory management system that involves receiving goods from suppliers only when they are needed. This means purchasing the appropriate quality and quantity of materials at the necessary time. Building long-term relationships with dependable suppliers is essential. The goal is to reduce waste and enhance efficiency.
👉 Importance of Just in Time
1.) Reduces Inventory Wastage
2.) Reduce Warehouse Cost
3.) Increase Customer relation
4.) Local Sourcing
5.) Smaller investments
👉 Elements of Just in Time
1.) People Involvement
2.) Plant
3.) System
👉 Advantages of Just in Time
1.) Increases Quality
2.) Ensures capacity utilization
3.) Eliminate Wastage
4.) More cost-efficient production
5.) Improve supplier relationships
👉 Disadvantages of Just in Time
1. The manufacturer must bear the cost of sudden increases in raw materials prices since waiting for better pricing is not an option.
2. Inaccurate demand forecasts do not allow for keeping safety stock.
3. JIT management relies heavily on suppliers, and if they fail to deliver, it leads to losses and customer dissatisfaction.
4. JIT management is subject to delays in fulfilling customer orders due to inventory dependence.
5. JIT production is most effective when customer orders are stable, which is challenging to achieve.
6. In JIT management, inventory is ordered on a periodic basis instead of in bulk, which requires transportation facilities, leading to increased costs with higher usage.
#jit #justintime #productionmanagement #operationmanagement
What is just in time
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Elements of just in time