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The just-in-time inventory model has become popular in both retail and manufacturing situations in recent years, because it has many advantages that appeal to companies, and because technological innovation has made this system easier to implement. The just-in-time (JIT) system involves receiving goods only when they are needed, in order to avoid a buildup of inventory (Investopedia, 2014). The traditional inventory method was to have a buffer of inventory. This provided security for managers, knowing that they would not have outages (in retail) or downtime (in manufacturing). The buffer approach to inventory, however, comes with high costs that are associated with carries this inventory -- in particular warehouses, additional staff and the risk that the inventory becomes obsolete (MindTools, 2014). This paper will examine the just-in-time inventory concept, and the case study of Wal-Mart, one of the earliest proponents of JIT, will be used.
Just in Time
A just-in-time inventory system seeks to control workflow by ensuring that materials arrive right when they are needed. To implement this system, companies need to anticipate demand, and they need to have close relationships with their suppliers. In many cases, the supplier should be nearby -- it is much harder to implement JIT when your suppliers are overseas. Companies that rely on overseas suppliers, like Wal-Mart, implement JIT more at the retail level, but they also benefit from having a substantial sales volume, so that containers can arrive with a high level of frequency. Smaller companies cannot do this with overseas suppliers.
The just-in-time system therefore makes heavy use of information systems. It is relatively easy to anticipate demand in a manufacturing organization with static demand -- you can do this pretty easily with Snickers bars or Coca-Cola. It is much more difficult when you are running a retail operation with 20,000 SKUs. For such companies, there is tremendous...
Time Management Inside Out Julie Morgenstern has some very useful advice for anyone that is living with a busy schedule, and that includes students taking a full load of classes in colleges or universities. In Morgenstern's book, Time Management Inside Out, the author offers step-by-step instructions for those who are harried by deadlines or otherwise are unable to get important things done on time. What Morgenstern presents is almost deceivingly simplistic,
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Time management: A proposal I once read in a biography about Benjamin Franklin that he rested for 45 minutes per day around 2.00 in order to rejuvenate his energy. A treatise on cognitive neuroscience affirmed his belief albeit in a different way and with elaboration. It opined that particular moments of the day carried specific energy levels; that the morning provided the greatest resources of energy intensity, that midday (between 1:00
Time management is typically defined as the process of exercising control over the amount of time we spend on specific activities -- more specifically in how we can increase our own efficiency and productivity. There are a number of ways that one can increase their time management skills, a number of tools to help, and certainly a large number of books designed to do just that. It is interesting to
Time Management in Organizations: A Review of Literature Time management as a process and research construct have numerous dimensions that makes it dynamic and, from the researcher's perspective, susceptible to being measured incorrectly when tested for cause-and-effect study types. In this review of related literature on time management, focus would be on how this process and construct is implemented at the organizational level. Application of time management in organizations would be
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