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Definition
•Just In Time (JIT) is an inventory strategyimplemented to improve the return oninvestment of a business by reducing in-process inventory and its associatedcarrying costs
 
Philosophy
•The philosophy of JIT is simple - inventory is defined tobe waste. JIT inventory systems expose the hiddencauses of inventory keeping and are therefore not asimple solution a company can adopt; there is a wholenew way of working the company must follow in order tomanage its consequences. The ideas in this way of working come from many different disciplines includingstatistics, industrial engineering, production managementand behavioral science. In the JIT inventory philosophythere are views with respect to how inventory is lookedupon, what it says about the management within thecompany, and the main principle behind JIT.
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