Dictionary of Procurement Terms

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Search Results: 21-21 of 21 results for “J”
  • Just-in-Time (JIT)

    A quality concept first perfected by the Japanese. Its basic tenet is the elimination of waste: the waste of overproduction, unneeded motion, transportation, excessive inventory and production and labor time. The term has been adapted to mean that previously held maintenance, repair, operating (MRO) inventory items are outsourced to JIT suppliers who may provide next day delivery. JIT generates best value through supplier partnerships that generate savings through labor, inventory, production, and processing costs. (Business, 2002)
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