Business Terms and Jargon Explained
What is JITIs the abbreviation for "Just in time". This is a stock processing and valuation method where the stock is ordered and received as and when it is needed (just in time). No stock is held or stored for when it is needed other than a nominal amount if at all. E.g if you need 500 bolts a day, then 500 will be delivered first thing today or last thing yesterday.
500 x 5 day = 2500 per week. An alternative method would be to order the 2500 bolts, store them, and use as and when needed.
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Term created / updated 2006-10-09 13:22:00
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