Business, Legal & Accounting Glossary
JIC, which stands for “just in case,” is a strategy used in inventory management. With the JIC strategy, companies seek to remove or reduce the chance that products will sell out and thus leave inventory empty. Instead of producing products after orders have come in, which is the JIT (just in time) strategy, the JIC strategy always keeps high inventory levels. The company will safeguard against sales that would otherwise be lost due to lack of inventory. A company may choose the JIC strategy if it cannot accurately predict demand for its products. The chief disadvantage of JIC is the high storage cost; the chief advantage of JIC is the ability to meet unexpected increases in demand for the products.
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This glossary post was last updated: 9th February, 2020 | 0 Views.