just-in-time management

just-in-time management

a production system through which parts are delivered by suppliers to producers in the exact number and to a specified quality when and where they are needed at each stage of the production process. It is a flexible system, pioneered by Toyota, which seeks to curtail the costs of production by reducing inventories and is associated with long-term producer and supplier relations based on mutual help. See Wood (1991). See also JAPANIZATION, NEW TECHNOLOGY.
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"We won't take the costs out until we have enough timely tracking information to lower inventories and improve just-in-time management," says Michael Parrish, executive vice president at Nucor.
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