JIT

Business, Legal & Accounting Glossary

Definition: JIT




Full Definition of JIT


JIT, or “just in time,” is a strategy used in inventory management. With the JIT strategy, companies aim to decrease waste and inventory costs by receiving goods only when they are needed to produce products. JIT inventory management thus increases efficiency and is used by companies that prefer to keep low inventory levels. JIT is the opposite of JIC, or “just in case,” in which companies carried large inventories in the event that demand spiked. In order for JIT to work correctly, the company must be able to predict demand for the product and how much inventory will be needed at what stages of production. JIT also depends on a reliable supply chain for the effective, timely delivery of parts.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/jit/
Modern Language Association (MLA):
JIT. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 16, 2021 https://payrollheaven.com/define/jit/.
Chicago Manual of Style (CMS):
JIT. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/jit/ (accessed: September 16, 2021).
American Psychological Association (APA):
JIT. PayrollHeaven.com. Retrieved September 16, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/jit/

Definition Sources


Definitions for JIT are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February, 2020 | 6 Views.