The just-in-time inventory control system is just a new approach to the EOQ model which tries to produce the lowest average inventory possible.

Question

Quizplus · Accepted Answer

The statement accurately describes the just-in-time inventory control system, which aims to minimize inventory holding costs by only ordering or producing goods when they are needed to fulfill customer orders. This approach differs from the traditional EOQ model, which seeks to balance the costs of ordering and holding inventory over a certain period of time.

The Just-In-Time Inventory Control System Is Just a New Approach