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Defining GDP

System of pro...

Question

System of procuring goods when required, is known as ___________.

A

Free on Board (FOB)

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B

Always Better Control (ABC)

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C

Just in Time (JIT)

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D

Economic Order Quantity (EOQ)

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Solution

The correct option is C Just in Time (JIT)
Companies are following this technique of receiving the goods for production only when it is required. This method increase the efficiency and decrease the waste by reducing the inventory carrying cost.
This is method of procuring goods when required is known as Just in Time (JIT)

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