Just-in-time Inventory Control

Paper Summary:

The Japanese system of inventory control has been variously called the "Toyota system," the "just-in-time system," and the "Kanban system" (Johnson, 1993, 52). Just-in-time means, quite literally, that an assembler on a line receives his consignment of parts "just in time" to use them (Bacharach, Bamberger, & Mundell, 1995, 11). The system is based on an ideal situation in which a part arrives just in time to be used, even though that optimal level of usage is never actually reached. As such, the system operates on the strength of very small lot quantities of replacement parts.

From the Paper:

"THE IMPACT OF JIT INVENTORY CONTROL ON ACCOUNTING

Introduction
The Japanese system of inventory control has been variously called the "Toyota system," the "just-in-time system," and the "Kanban system" (Johnson, 1993, 52). Just-in-time means, quite literally, that an assembler on a line receives his consignment of parts "just in time" to use them (Bacharach, Bamberger, & Mundell, 1995, 11). The system is based on an ideal situation in which a part arrives just in time to be used, even though that optimal level of usage is never actually reached. As such, the system operates on the strength of very small lot quantities of replacement parts.

On a typical assembly line, any particular worker might..."

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