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Encyclopedia > Just In Time (business)
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Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Image File history File links Download high resolution version (1031x740, 688 KB)Midtown Manhattan looking North from the Empire State Building, 2005. ... Corporate finance is a specific area of finance dealing with the financial decisions corporations make and the tools as well as analysis used to make these decisions. ... Cash conversion cycle or CCC, also known as the asset conversion cycle, net operating cycle, working capital cycle or just cash cycle, is used in the financial analysis of a business. ... Return on capital, also known as Return On Invested Capital (ROIC) is defined as NOPLAT / Invested Capital usually expressed as a percentage. ... Economic Value Added (EVA) is an estimate of true economic profit after making corrective adjustments to GAAP accounting, including deducting the opportunity cost of equity capital. ... Economic Order Quantity (also known as the Wilson EOQ Model or simply the EOQ Model) is a model that defines the optimal quantity to order that minimizes total variable costs required to order and hold inventory. ... Discounts and allowances are modifications to the basic price. ... This article is about finance. ...

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The process of determining which potential long-term projects are worth undertaking, by comparing their expected discounted cash flows with their internal rates of return. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ...

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Managerial Finance is that branch of finance that provide tools for a companys financial managers. ... Financial accountancy (or financial accounting) is the branch of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, government agencies, owners, and other stakeholders. ... Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions. ... The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business... This article needs additional references or sources for verification. ... A business plan is a formal statement of a largely enforced business goal, the reasons why they are believed attainable, and the plan for reaching those goals (Fiifi Essel). ... A corporate action is an event taken by a public company that has a direct financial impact on of its shareholders. ...

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Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... This article does not cite any references or sources. ... There are two basic financial market participant catagories, Investor vs. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. ... This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... Financial supervision is government supervision of financial institutions by regulators. ...

v d

Just In Time (JIT) is an inventory strategy implemented to improve the return on investment of a business by reducing in-process inventory and its associated costs. The process is driven by a series of signals, or Kanban (看板 Kanban?), that tell production processes when to make the next part. Kanban are usually 'tickets' but can be simple visual signals, such as the presence or absence of a part on a shelf. When implemented correctly, JIT can lead to dramatic improvements in a manufacturing organization's return on investment, quality, and efficiency. In finance, the return on investment (ROI) or just return is a calculation used to determine whether a proposed investment is wise, and how well it will repay the investor. ... In economics, a business is a legally-recognized organizational entity existing within an economically free country designed to sell goods and/or services to consumers, usually in an effort to generate profit. ... Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. ... Kanban maintains inventory levels; a signal is sent to produce and deliver a new shipment as material is consumed. ... In finance, the return on investment (ROI) or just return is a calculation used to determine whether a proposed investment is wise, and how well it will repay the investor. ...

New stock is ordered when stock drops to the re-order level. This saves warehouse space and costs. However, one drawback of the JIT system is that the re-order level is determined by historical demand. If demand rises above the historical average demand, the firm will deplete inventory faster than usual and cause customer service issues. To meet a 95% service rate a firm must carry about 3 standard deviations of demand in safety stock. Forecasted shifts in demand should be planned for around the Kanban until trends can be established to reset the appropriate Kanban level. Others[1] have suggested that recycling Kanban faster can also help flex the system by as much as 10-30%. In recent years manufacturers have touted a trailing 13 week average as a better predictor than most forecastors could provide.[2] Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. ... Old warehouses in Amsterdam Inside Green Logistics Co. ... The theory of supply and demand describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... In mathematics and statistics, the arithmetic mean (or simply the mean) of a list of numbers is the sum of all the members of the list divided by the number of items in the list. ... // (also known as Client Service) is the provision of service to customers before, during and after a purchase. ... Service rate is a performance metric used to to measure the customer service in a supply organization. ... In probability and statistics, the standard deviation is the most commonly used measure of statistical dispersion. ...

A related term is Kaizen which is an approach to productivity improvement literally meaning "continuous improvement" of process. This article is about a continual improvement philosophy. ...



The technique was first used by the Ford Motor Company as described explicitly by Henry Ford's My Life and Work (1922): "We have found in buying materials that it is not worthwhile to buy for other than immediate needs. We buy only enough to fit into the plan of production, taking into consideration the state of transportation at the time. If transportation were perfect and an even flow of materials could be assured, it would not be necessary to carry any stock whatsoever. The carloads of raw materials would arrive on schedule and in the planned order and amounts, and go from the railway cars into production. That would save a great deal of money, for it would give a very rapid turnover and thus decrease the amount of money tied up in materials. With bad transportation one has to carry larger stocks." This statement also describes the concept of "dock to factory floor" in which incoming materials are not even stored or warehoused before going into production. The concept needed an effective freight management system (FMS); Ford's Today and Tomorrow (1926) describes one. “Ford” redirects here. ... Henry Ford (1919) Henry Ford (July 30, 1863 – April 7, 1947) was the founder of the Ford Motor Company and father of modern assembly lines used in mass production. ... A Raw material is something that is acted upon by human labour or industry to create some product that humans desire. ...

The technique was subsequently adopted and publicised by Toyota Motor Corporation of Japan as part of its Toyota Production System (TPS). This article is about the automaker. ... The Toyota Production System (TPS) (トヨタ生産方式) is the philosophy which organizes manufacturing and logistics at Toyota, including the interaction with suppliers and customers. ...

Japanese corporations cannot afford large amounts of land to warehouse finished products and parts. Before the 1950s, this was thought to be a disadvantage because it forced the production lot size below the economic lot size. (An economic lot size is the number of identical products that should be produced, given the cost of changing the production process over to another product.) The undesirable result was poor return on investment for a factory. The 1950s decade refers to the years 1950 to 1959 inclusive. ... This article or section does not cite any references or sources. ...

The chief engineer at Toyota in the 1950s, Taiichi Ohno (大野 耐一 Ohno Taiichi?), examined accounting assumptions and realized that another method was possible. The factory could implement JIT which would require it to be made more flexible and reduce the overhead costs of retooling and thereby reduce the economic lot size to fit the available warehouse space. JIT is now regarded by Ohno as one of the two 'pillars' of the Toyota Production System. The 1950s decade refers to the years 1950 to 1959 inclusive. ... Taiichi Ohno (大野 耐一, February 29, 1912 - May 28, 1990) is considered to be the father of the Toyota Production System, also known as Just In Time or JIT. He has written several books about the system, the most popular of which is Toyota Production System: Beyond Large-Scale Production. ...

Therefore over a period of several years, Toyota engineers redesigned car models for commonality of tooling for such production processes as paint-spraying and welding. Toyota was one of the first to apply flexible robotic systems for these tasks. Some of the changes were as simple as standardizing the hole sizes used to hang parts on hooks. The number and types of fasteners were reduced in order to standardize assembly steps and tools. In some cases, identical subassemblies could be used in several models.

Toyota engineers then determined that the remaining critical bottleneck in the retooling process was the time required to change the stamping dies used for body parts. These were adjusted by hand, using crowbars and wrenches. It sometimes took as long as several days to install a large (multiton) die set and adjust it for acceptable quality. Further, these were usually installed one at a time by a team of experts, so that the line was down for several weeks.

So Toyota implemented a strategy called Single Minute Exchange of Die (SMED), developed by Shigeo Shingo (新郷 重雄 Shingō Shigeo?). With very simple fixtures, measurements were substituted for adjustments. Almost immediately, die change times fell to hours instead of days. At the same time, quality of the stampings became controlled by a written recipe, reducing the skill level required for the change. Further analysis showed that a lot of the remaining time was used to search for hand tools and move dies. Procedural changes (such as moving the new die in place with the line in operation) and dedicated tool-racks reduced the die-change times to as little as 40 seconds. Today dies are changed in a ripple through the factory as a new product begins flowing. Single Minute Exchange of Die (SMED) is one of the many lean production methods for reducing waste in a manufacturing process. ... Shigeo Shingo , 1909-1990), born in Saga City, Japan, was a Japanese industrial engineer who distinguished himself as one of the world’s leading experts on manufacturing practices and The Toyota Production System. ...

After SMED, economic lot sizes fell to as little as one vehicle in some Toyota plants.

Carrying the process into parts-storage made it possible to store as little as one part in each assembly station. When a part disappeared, that was used as a signal (Kanban) to produce or order a replacement. Kanban maintains inventory levels; a signal is sent to produce and deliver a new shipment as material is consumed. ...


The philosophy of JIT is simple - Inventory is defined to be waste. Just-in-time (JIT) inventory systems expose the hidden causes of inventory keeping and are therefore not a simple solution that a company can adopt; there is a whole new way of working that the company must follow in order to manage its consequences. The ideas in this way of working come from many different disciplines including statistics, industrial engineering, production management and behavioral science. In the JIT inventory philosophy there are views with respect to how inventory is looked upon, what it says about the management within the company, and the main principle behind JIT.

Inventory is seen as incurring costs, or waste, instead of adding value, contrary to traditional accounting. This does not mean to say that JIT is implemented without an awareness that removing inventory exposes pre-existing manufacturing issues. Under this way of working, businesses are encouraged to eliminate inventory that doesn’t compensate for manufacturing issues, and then to constantly improve processes so that less inventory can be kept. Secondly, allowing any stock habituates the management to stock keeping and it can then be a bit like a narcotic. Management are then tempted to keep stock there to hide problems within the production system. These problems include backups at work centres, machine reliability, process variability, lack of flexibility of employees and equipment, and inadequate capacity among other things.

In short, the just-in-time inventory system is all about having “the right material, at the right time, at the right place, and in the exact amount” without the safety net of Inventory, the implications of which are broad for the implementors.



JIT emphasises inventory as one of the seven wastes, and as such its practice involves the philosophical aim of reducing input buffer inventory to zero. Zero buffer inventory means that production is not protected from exogenous (external) shocks. As a result, exogenous shocks reducing the supply of input can easily slow or stop production with significant negative consequences. For example as noted in Liker (2003) Toyota suffered a major supplier failure as a result of the 1997 Aisin fire which rendered one of its suppliers incapable of fulfilling Toyota's orders. In the US the 1992 railway strikes resulted in General Motors having to shut down a 75,000 worker plant temporarily as they had no inputs flowing in to the factory.

Transaction Cost Approach

JIT reduces inventory in a firm, however unless it is used throughout the supply chain, then it can be proposed that firms are simply outsourcing their input inventory to suppliers (Naj 1993). This effect was investigated by Newman (1993) who found that on average suppliers in Japan charged JIT customers a 5% price premium.

Environmental concerns

During the birth of JIT multiple daily deliveries were often made by human powered bicycle, however with increases in scale has come the adoption of vans and lorries for these deliveries. Cusumano (1994) has highlighted the potential and actual problems this causes with regard to gridlock and the burning of fossil fuels. This violates three JIT wastes: 1) Time; wasted in traffic jams 2) Inventory; specifically pipeline (in transport) inventory and 3) Scrap; with respect to petrol or diesel burned while not physically moving.

Price volatility

JIT implicitly assumes a level of input price stability such that it is desirable to inventory inputs at today's prices. Where input prices are expected to rise storing inputs may be desirable.

Quality volatility

JIT implicitly assumes that the quality of available inputs remains constant over time. If not firms may benefit from hoarding high quality inputs.

Demand stability

Karmarker (1989) highlights the importance of relatively stable demand which can help ensure efficient capital utilisation rates. Karmarker argues that without a significant stable component of demand, JIT becomes untenable in high capital cost production.



Some of the initial results at Toyota were horrible, but in contrast to that a huge amount of cash appeared, apparently from nowhere, as in-process inventory was built out and sold. This by itself generated tremendous enthusiasm in upper management.

Another surprising effect was that the response time of the factory fell to about a day. This improved customer satisfaction by providing vehicles usually within a day or two of the minimum economic shipping delay.

Also, many vehicles began to be built to order, completely eliminating the risk they would not be sold. This dramatically improved the company's return on equity by eliminating a major source of risk. Sengkang Rivervale HDB Apartment Build To Order (abbrev: BTO; Chinese: 预购组屋制度) is a Housing and Development Board (HDB) flat allocation system that offers flexibility in timing and location for owners buying a New HDB flats in Singapore. ...

Since assemblers no longer had a choice of which part to use, every part had to fit perfectly. The result was a severe quality assurance crisis, and a dramatic improvement in product quality. Eventually, Toyota redesigned every part of its vehicles to eliminate or widen tolerances, while simultaneously implementing careful statistical controls. (See Total Quality Management). Toyota had to test and train suppliers of parts in order to assure quality and delivery. In some cases, the company eliminated multiple suppliers. Statistical process control (SPC) is a method for achieving quality control in manufacturing processes. ... Total Quality Management (TQM) is a management strategy aimed at embedding awareness of quality in all organizational processes. ...

When a process problem or bad parts surfaced on the production line, the entire production line had to be slowed or even stopped. No inventory meant that a line could not operate from in-process inventory while a production problem was fixed. Many people in Toyota confidently predicted that the initiative would be abandoned for this reason. In the first week, line stops occurred almost hourly. But by the end of the first month, the rate had fallen to a few line stops per day. After six months, line stops had so little economic effect that Toyota installed an overhead pull-line, similar to a bus bell-pull, that permitted any worker on the production line to order a line stop for a process or quality problem. Even with this, line stops fell to a few per week.

The result was a factory that became the envy of the industrialized world, and has since been widely emulated.

The Just in Time philosophy was also applied to other segments of the supply chain in several types of industries. In the commercial sector, it meant eliminating one or all of the warehouses in the link between a factory and a retail establishment. A supply chain, logistics network, or supply network is a coordinated system of organizations, people, activities, information and resources involved in moving a product or service in physical or virtual manner from supplier to customer. ... Old warehouses in Amsterdam Inside Green Logistics Co. ...


As most companies use an inventory system best suited for their company, the Just-In-Time Inventory System (JIT) can have many benefits resulting from it. The main benefits of JIT are listed below.

  1. Set up times are significantly reduced in the factory. Cutting down the set up time to be more productive will allow the company to improve their bottom line to look more efficient and focus time spent on other areas that may need improvement. This allows the reduction or elimination of the inventory held to cover the "changeover" time, the tool used here is SMED.
  2. The flows of goods from warehouse to shelves are improved. Having employees focused on specific areas of the system will allow them to process goods faster instead of having them vulnerable to fatigue from doing too many jobs at once and simplifies the tasks at hand. Small or individual piece lot sizes reduce lot delay inventories which simplifies inventory flow and its management.
  3. Employees who possess multiple skills are utilized more efficiently. Having employees trained to work on different parts of the inventory cycle system will allow companies to use workers in situations where they are needed when there is a shortage of workers and a high demand for a particular product.
  4. Better consistency of scheduling and consistency of employee work hours. If there is no demand for a product at the time, workers don’t have to be working. This can save the company money by not having to pay workers for a job not completed or could have them focus on other jobs around the warehouse that would not necessarily be done on a normal day.
  5. Increased emphasis on supplier relationships. No company wants a break in their inventory system that would create a shortage of supplies while not having inventory sit on shelves. Having a trusting supplier relationship means that you can rely on goods being there when you need them in order to satisfy the company and keep the company name in good standing with the public.
  6. Supplies continue around the clock keeping workers productive and businesses focused on turnover. Having management focused on meeting deadlines will make employees work hard to meet the company goals to see benefits in terms of job satisfaction, promotion or even higher pay.

Single Minute Exchange of Die (SMED) is one of the many lean production methods for reducing waste in a manufacturing process. ...


Within a JIT System

The major problem with Just In Time operation is that it leaves the supplier and downstream consumers open to supply shocks and large supply or demand changes. For internal causes this was seen as a feature rather than a bug by Ohno, who used the analogy of lowering the level of water in a river in order to expose the rocks to explain how removing inventory showed where flow of production was interrupted. Once the barriers were exposed, they could be removed; since one of the main barriers was rework, lowering inventory forced each shop to improve its own quality or cause a holdup in the next downstream area. One of the other key tools to manage this weakness is production levelling to remove these variations. Just In Time is a means to improving performance of the system, not an end. A supply shock is an event that suddenly changes the price of a commodity or service. ... Production levelling is key to reducing the Mura waste and to the development of production efficiency in the Toyota Production System and Lean Manufacturing. ...

With very low stock levels meaning that there are shipments of the same part coming in sometimes several times per day, Toyota is especially susceptible to an interruption in the flow. For that reason, Toyota is careful to use two suppliers for most assemblies. As noted in Liker (2003), there was an exception to this rule that put the entire company at risk by the 1997 Aisin fire. However, since Toyota also makes a point of maintaining high quality relations with its entire supplier network, several other suppliers immediately took up production of the Aisin-built parts by using existing capability and documentation. Thus, a strong, long-term relationship with a few suppliers is preferred to short-term, price-based relationships with competing suppliers. This long-term relationship has also been used by Toyota to send Toyota staff into their suppliers to improve their suppliers' processes. These interventions have now been going on for twenty years and result in improved margins for Toyota and the supplier as well as lower final customer costs and a more reliable supply chain. Toyota encourages their suppliers to duplicate this work with their own suppliers. The 1997 Aisin fire was a fire which shut down one of the production facilities of the Toyota-subsidiary Aisin Seiki Co. ...

Within a raw material stream

As noted by Liker (2003) and Womack and Jones (2003), it would ultimately be desirable to introduce synchronised flow and linked JIT all the way back through the supply stream. However, none of them followed this in detail all the way back through the processes to the raw materials. With present technology, for example, an ear of corn cannot be grown and delivered to order. The same is true of most raw materials, which must be discovered and/or grown through natural processes that require time and must account for natural variability in weather and discovery. However the part of this that is currently viewed as impossible is the synchronised part of flow and the linked part of JIT. It is for the reasons stated that raw materials companies decouple their supply chain from their clients demand by carrying large 'finished goods' stocks. However both flow and JIT can be implemented in isolated process islands within the raw materials stream, the challenge then becomes to achieve that isolation by some means other than the huge stocks they carry to achieve it today.

It is because of this almost all value chains are split into a part which makes-to-forecast and a part which could, by using JIT, become make-to-order. Often, historically, the make-to-order part has been within the retailer portion of the value chain. Toyota's revolutionary step has been to take "Piggly Wiggly's" supermarket replenishment system and drive it back to at least half way through their automobile factories. Their challenge today is to drive it all the way back to their goods-inwards dock. Of course the mining of iron and making of steel is still not done specifically because somebody orders a particular car. But recognising that JIT could be driven back up the supply chain has reaped Toyota huge benefits and a world dominating position in their main industry.

It should be noted that the advent of the mini mill steelmaking facility is starting to challenge how far back JIT can be implemented, as the electric arc furnaces at the heart of many mini-mills can be started and stopped quickly, and steel grades changed rapidly. Steel mills are the industrial plants where pig iron is converted into steel. ...


It has been frequently charged that the oil industry has been influenced by JIT [3] [4] [5]

The argument is presented as follows:

The number of refineries in the United States has fallen from 279 in 1975 to 205 in 1990 and further to 149 in 2004. As a result, the industry is susceptible to supply shocks, which cause spikes in prices and subsequently reduction in domestic manufacturing output. The effects of hurricanes Katrina and Rita are given as an example: in 2005, Katrina caused the shutdown of 9 refineries in Louisiana and 6 more in Mississippi, and a large number of oil production and transfer facilities, resulting in the loss of 20% of the US domestic refinery output. Rita subsequently shut down refineries in Texas, further reducing output. The GDP figures for the third and fourth quarters showed a slowdown from 3.5% to 1.2% growth. Similar arguments were made in earlier crises.

Beside the obvious point that prices went up because of the reduction in supply and not for anything to do with the practice of JIT, JIT students and even oil & gas industry analysts question whether JIT as it has been developed by Ohno, Goldratt, and others is used by the petroleum industry. Companies routinely shut down facilities for reasons other than the application of JIT. One of those reasons may be economic rationalization: when the benefits of operating no longer outweigh the costs, including opportunity costs, the plant may be economically inefficient. JIT has never subscribed to such considerations directly; following Waddel and Bodek (2005), this ROI-based thinking conforms more to Brown-style accounting and Sloan management. Further, and more significantly, JIT calls for a reduction in inventory capacity, not production capacity. From 1975 to 1990 to 2005, the annual average stocks of gasoline have fallen by only 8.5% from 228,331 to 222,903 bbls to 208,986 (Energy Information Administration data). Stocks fluctuate seasonally by as much as 20,000 bbls. During the 2005 hurricane season, stocks never fell below 194,000 thousand bbls, while the low for the period 1990 to 2006 was 187,017 thousand bbls in 1997. This shows that while industry storage capacity has decreased in the last 30 years, it hasn't been drastically reduced as JIT practitioners would prefer. This article is about the Atlantic hurricane of 2005. ... Lowest pressure 895 mbar (hPa)[1] Damages $10 billion (2005 USD)[1] Fatalities 7 direct, 113 indirect Areas affected Bahamas, Florida, Cuba, Yucatán Peninsula, Louisiana, Texas, Mississippi, Arkansas Part of the 2005 Atlantic hurricane season Hurricane Rita is the fourth-most intense Atlantic hurricane ever recorded and the most... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Donaldson Brown (1885-1965) was a financial executive and corporate director with both DuPont and General Motors. ... Cover of Time Magazine (December 27, 1926) Alfred Pritchard Sloan, Jr. ... The Energy Information Administration (EIA), as part of the U.S. Department of Energy, collects and disseminates data on energy reserves, production, consumption, distribution, prices, technology, and related international, economic, and financial matters. ...

Finally, as shown in a pair of articles in the Oil & Gas Journal, JIT does not seem to have been a goal of the industry. In Waguespack and Cantor (1996), the authors point out that JIT would require a significant change in the supplier/refiner relationship, but the changes in inventories in the oil industry exhibit none of those tendencies. Specifically, the relationships remain cost-driven among many competing suppliers rather than quality-based among a select few long-term relationships. They find that a large part of the shift came about because of the availability of short-haul crudes from Latin America. In the follow-up editorial, the Oil & Gas Journal claimed that "casually adopting popular business terminology that doesn't apply" had provided a "rhetorical bogey" to industry critics. Confessing that they had been as guilty as other media sources, they confirmed that "It also happens not to be accurate."

See also

In economics, a business is a legally-recognized organizational entity existing within an economically free country designed to sell goods and/or services to consumers, usually in an effort to generate profit. ... Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. ... A preorder economy is a type of proposed future economy where the exact demand for goods is known ahead of time, before any material production takes place. ... Look up Logistics in Wiktionary, the free dictionary. ... Liquid Logistics is a special category of logistics that relates to liquid products, and is utilized extensively in the Supply Chain for Liquids discipline. ... For other uses, see Management (disambiguation). ... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... This article needs additional references or sources to facilitate its verification. ... Statistical process control (SPC) is a method for achieving quality control in manufacturing processes. ... Total Quality Management (TQM) is a management strategy aimed at embedding awareness of quality in all organizational processes. ... Vendor Managed Inventory, (VMI), describes a family of business models in which the buyer of a product provides certain information to a supplier of that product and the supplier takes full responsibility for maintaining an agreed inventory of the material, usually at the buyers consumption location (usually a store). ... It has been suggested that this article or section be merged with Logical biconditional. ... Production control systems can be classified as pull and push systems (Spearman et al. ...


  1. ^ A study of the Toyota Production System, Shigeo Shingo, Productivity Press, 1989, p 187
  2. ^ [1]
  3. ^ -.
  4. ^ Online NewsHour: Rising gas prices -- April 30, 1996. Retrieved on 2007-09-24.
  5. ^ Story taken from TIME Magazine May 13, 1996 Volume 147, No. 20. Retrieved on 2007-09-24.
  • Editorial, "The Inventory Land Mine", Oil & Gas Journal, Vol 94, Number 29, 15 July 1996.
  • Goldratt, Eliyahu M. and Fox, Robert E. (1986), The Race, North River Press, ISBN 0-88427-062-9
  • Hirano, Hiroyuki and Makota, Furuya (2006), "JIT Is Flow: Practice and Principles of Lean Manufacturing", PCS Press, Inc., ISBN 0-9712436-1-1
  • Liker, Jeffrey (2003), The Toyota Way: 14 Management Principles from the World's Greatest Manufacturer, First edition, McGraw-Hill, ISBN 0-07-139231-9.
  • Ohno, Taiichi (1988), Toyota Production System: Beyond Large-Scale Production, Productivity Press, ISBN 0-915299-14-3
  • Ohno, Taiichi (1988), Just-In-Time for Today and Tomorrow, Productivity Press, ISBN 0-915299-20-8
  • Wadell, William, and Bodek, Norman (2005), The Rebirth of American Industry, PCS Press, ISBN 0-9712436-3-8
  • Waguespack, Kevin, and Cantor, Bryan (1996), "Oil inventories should be based on margins, supply reliability", Oil & Gas Journal, Vol 94, Number 28, 8 July 1996.
  • Womack, James P. and Jones, Daniel T. (2003), Lean Thinking: Banish Waste and Create Wealth in Your Corporation, Revised and Updated, HarperBusiness, ISBN 0-7432-4927-5.
  • Womack, James P., Jones, Daniel T., and Roos, Daniel (1991), The Machine That Changed the World: The Story of Lean Production, HarperBusiness, 2003, ISBN 0-06-097417-6.
  • Flinchbaugh, Jamie and Carlino, Andy (2006), The Hitchhiker's Guide to Lean: Lessons from the Road, SME, ISBN 0-87263-831-6
  • Management Coaching and Training Services, (2006). The Just-In-Time (JIT) Approach. Retrieved June 19, 2006 from the World Wide Web: [2]

Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 267th day of the year (268th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 267th day of the year (268th in leap years) in the Gregorian calendar. ...

External links

  • “Lean Blog” A blog focused on lean manufacturing, Toyota Production System, and lean healthcare news.
  • Strengths & Weaknesses of Just In Time
  • “Just in Time Under Fire: The Five Major Constraints Upon JIT Practices” - Published academic paper discusses weakness of JIT Philosophy and names five major areas of concern--customer-driven & economic conditions, logistics, organizational culture & conditions, intractable accounting & finance practices, and small supplier difficulties
  • "The Lean Library The Lean Library includes books reviews, recommendations and more information on lean.
  • “Lean Blog” A blog focused on Lean implementation and different aspects of Lean. The site is under development after great succes with a Danish Lean Blog.
  • Links to Value-adding Lean Resources NOT Available on Wikipedia



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