factory.png

Factory

Unit 5 - Operations management - QB

chart-increasing.png

Chart Increasing

Unit 1 - Introduction To Business Management - QB

briefcase.png

Briefcase

Unit 2 - Human Resource Management - QB

money-bag.png

Money Bag

Unit 3 - Finance & accounts - QB

direct-hit.png

Direct Hit

Unit 4 - Marketing - QB

bar-chart.png

Bar-Chart

Unit 6 - Assessment

<ul>
	<li>
	JIT (Just-in-time): A modern marvel! It&#39;s like ordering pizza right when you&#39;re hungry and getting it freshly baked. Less waste, hot pizza!

	<ul>
		<li>Real-world example: Car companies like Toyota use JIT. They order parts only when they&#39;re about to assemble a car, ensuring fresh and efficient production.</li>
	</ul>
	</li>
	<li>
	JIC (Just-in-case): The old-school method! It&#39;s like storing extra frozen pizzas in your freezer, just in case friends come over. You&#39;re always ready, but sometimes you end up with frosty old pizzas.

	<ul>
		<li>Real-world example: Think of hospitals. They stockpile essential medicines and equipment, just in case of emergencies.</li>
	</ul>
	</li>
	<li>
	Current Trend Alert: The world&#39;s leaning more towards JIT. But remember, there&#39;s no one-size-fits-all!
	</li>
</ul>

<ul>
	<li>
	Holding Stock: Imagine a teeter-totter

	<ul>
		<li>Too much stock? 💸 Costly due to storage, damage, and maybe even some sad, outdated products.</li>
		<li>Too little stock? 🚫 Danger! Expensive emergency deliveries or losing customers because you ran out.</li>
	</ul>
	</li>
	<li>
	Economic Order Quantity (EOQ)

	<ul>
		<li>It&#39;s like finding the sweet spot in a video game 🎮.</li>
		<li>It&#39;s the optimal amount to order, minimizing costs but ensuring we&#39;re stocked up.</li>
	</ul>
	</li>
</ul>

<ul>
	<li>Initial Order: The first batch! It&#39;s like the starter pack of a video game.</li>
	<li>Usage Pattern: How fast are you using up the stock? Do sales spike during Christmas or tank during school exams? It&#39;s like tracking your phone&#39;s battery life.</li>
	<li>Max Stock Level: The most items you can (or want to) hold. Like filling a backpack without breaking the zipper.</li>
	<li>Min Stock Level (Buffer Stock): The safety net. Imagine always having an emergency chocolate bar in your bag.</li>
	<li>Reorder Level: The &quot;Oh no! Time to restock!&quot; moment. When you see only one cookie left in the jar.</li>
	<li>Reorder Quantity: How much to order? Like deciding how many bags of chips you need for movie night.</li>
	<li>Lead Time: Waiting time. It&#39;s like ordering a custom-made Hogwarts robe &ndash; how long until it arrives?</li>
</ul>

Real World Example: An online smartphone store!

<ul>
	<li>Always keeps 600 phones ready (just in case!).</li>
	<li>Expects to sell 900 phones in 3 months.</li>
	<li>Reorders when down to 900 phones.</li>
	<li>Waits a month (lead time) for the new stock to arrive. Rinse and repeat!</li>
</ul>

Factors to consider

<ul>
	<li>Market: Are you surfing a growing wave 🏄 or sinking in a shrinking puddle?</li>
	<li>Product: Is it a simple rubber band or a complex gaming console?</li>
	<li>Stock Traits: Does it go bad? Does it take up a whole room?</li>
	<li>Infrastructure: Can weather mess up your supply? Or maybe an alien invasion? 👽</li>
	<li>Finance: Got cash? Or buying in bulk to save?</li>
	<li>Human Resources: How does stock affect your workforce? More stock might mean more work!</li>
</ul>

Using EOQ and stock charts helps, but the real world is unpredictable! It&#39;s like trying to predict the next big TikTok trend. You can guess, but you never truly know!

Master JIT Vs JIC The Ultimate Guide To Lean Stock Control

ib-higher-level.webp

Higher Level

Business Management HL

Unit 5 - Operations management - QB

Master JIT Vs JIC The Ultimate Guide To Lean Stock Control

Table of content

🎯 Key concepts - just - in - time (JIT) vs. just - in - case (JIC) 🎯

💰 Stock control - balancing act! 🤹

Unlock the Full Content!

Unit 5 - Operations management - QB

Master JIT Vs JIC The Ultimate Guide To Lean Stock Control

Table of content

🎯 Key concepts - just - in - time (JIT) vs. just - in - case (JIC) 🎯

💰 Stock control - balancing act! 🤹

Unlock the Full Content!