Understand the distinct approaches of managing stock using Just in Time (JIT) and Just in Case (JIC) methodologies.
Evaluate the suitability of using a JIT stock management system for a given business.
Analyse the critical trade-off in JIT between the financial benefits of reduced storage costs and the operational risks of requiring more frequent deliveries while losing out on purchasing economies of scale.
Assess the benefits of a JIC approach (having spare buffer stock to instantly satisfy demand) against the financial cost of purchasing and holding that surplus stock.
