JIT (just-in-time)
Many organizations throughout the world use JIT management principles in their everyday operations. It was first developed in Japan in the late 1950s by a former shop manager and later on vice president of Toyota. In its simplest form, JIT program is directed towards ensuring that the right quantities are produced or purchased at the right time, and that there is no waste. Waste is defined as anything that doesn't add value to the product or service. Producing one extra unit is as bad as being one unit short. Items are supplied only when needed, "just in time". …
