Answer to Question #269447 in Management for sweta

Question

MG Motors have been having a tough time from the time of their launch in India. They feel that there have been a lot of pilferages and wastage in their production and they need For Theoretical Answer Assessment Parameter Weightage Introduction 20% Concepts and Application related to the question 60% Conclusion 20% For Numerical Answer Assessment Parameter Weightage Understanding and usage of the formula 20% Procedure / Steps 50% Correct Answer & Interpretation 30% NMIMS Global Access School for Continuing Education (NGA-SCE) Course: Management Theory and Practice Internal Assignment Applicable for December 2021 Examination to sort it out as soon as possible. Also, the time taken to manufacturer one unit of their cars is extremely high as compared to global benchmarks. They have hired you as a consultant for the same? Can you explain the concepts of JIT and Lean Production to them and help them apply the same in order to reduce their troubles? 

Answer 1

Just-in-time, or JIT, asset management is a way of receiving items from suppliers just when they are needed. This method's major goal is to lower inventory holding costs and boost asset circulation.