just-in-time
JIT A manufacturing and operating philosophy that aims to supply products to customers in line with fluctuations in *demand. The main advantages of JIT operations include (i) typically low inventory levels, (ii) simplified *backflush costing methodologies, (iii) efficiency of manufacturing operations, and (iv) responsiveness to customer demand. However, JIT operations carry potentially devastating *risks of failing to supply items on time, in the context of interruption to manufacturing or distribution activity. Further reading: Fullerton and McWatters (2002)

Auditor's dictionary. 2014.

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