________________ involves keeping a small inventory for short-term production and new parts are shipped quickly as needed.

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Just in time delivery is the practice of keeping a small inventory and receiving new parts as needed to reduce storage costs and improve efficiency in production. It emphasizes timely and efficient delivery of goods and has become increasingly popular in modern supply chain management. Least Cost Theory refers to the concept that companies seek to locate their production facilities in locations with the lowest possible costs, while Fordist production refers to the mass production model introduced by Henry Ford, which involved assembly line methods and the standardization of products. Global division of labor refers to the allocation of work across countries and regions based on specialization and comparative advantage.

________________ Involves Keeping a Small Inventory for Short-Term Production and New