Just in Time Inventory Control

             The objective of this final paper is to the summarization of the Just-in-Time inventory control concept. This paper includes the definition of JIT, a historical perspective of the Just-in-Time Inventory Control concept. This paper also included the advantages and disadvantages of JIT and decision-making on Just-in-Time Utilization.
             The Just-In-Time (JIT) concept is a "process for optimizing manufacturing processes by eliminating waste including wasted steps, wasted materials, and excess inventory" (Damiano, 2003). The JIT concept is also known as lean production or stockless production. This process should improve profits and return on investments. "This is done by reducing inventory levels, increasing the inventory turnover rate, improving product quality, reducing production and delivery lead times, and reducing other costs such as those associated with machine setup and equipment breakdowns" (Tubular Steel, Inc., 2004).
             Timeline of Just-in-Time Inventory Control Concept
             The Just-in-Time manufacturing concept isn't especially new. The lineage of lean manufacturing and Just-in-Time (JIT) Production goes back to Eli Whitney. In 1799, Mr. Whitney developed the concept of interchangeable parts to manufacture 10,000 muskets for the U.S. Army at an unbelievable low price. Over the next century, many manufacturers primarily concerned themselves with individual technologies. This oversight began to changes in the late 1890s with the work of early Industrial Engineers such as;
             o Fredrick W. Taylor: Mr. Taylor "began to look at individual workers and work methods. The result was Time Study and standardized work" (Strategic Consultants, 2004).
             o Frank Gilbreth: Mr. Gilbreth "added Motion Study and invented Process Charting. These process charts focused attention on all work elements including those non-value-added elements which normally occur between the "official" elements" (Strategic Consultants, 2004).
             o Lillian Gilbreth: ...

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Just in Time Inventory Control. (1969, December 31). In MegaEssays.com. Retrieved 17:52, April 25, 2024, from https://www.megaessays.com/viewpaper/24951.html