Business, Legal & Accounting Glossary
Just-in-case or JIC is an inventory management strategy where companies hold large amounts of inventory on hand. Just-in-case is used to try to minimize the possibility that a product will run out of stock. Historical usage is one approach used in just-in-case inventory management. A company that uses just-in-case typically incurs high costs for holding inventory, yet experiences a reduction in the number of sales lost due to inventory being sold out. Just-in-case is different from the newer just-in-time strategy, where companies minimize inventory by waiting until orders come in to produce goods. Companies that have trouble forecasting demand often use just-in-case. With a just-in-case strategy in place, there is usually enough production material on hand to meet unexpected demands for product. Often companies appoint a just-in-case manager to oversee the process.
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This glossary post was last updated: 9th February, 2020 | 7 Views.