Blondy Just-in-Time (JIT): Definition, Pros & Cons. What are the main problems with a JIT production strategy? 1. JIT production strategies can be inflexible and may not be able to accommodate changes in customer demand or unexpected production problems. 2. JIT production can lead to higher inventory levels and thus higher carrying costs. 3. JIT production … Read more
The term “absolute percentage growth” refers to the percentage increase in a value over a period of time. In order to calculate absolute percentage growth, you need to know the starting value and the ending value. The formula for absolute percentage growth is: ((Ending value – Starting value) / Starting value) * 100 For example, … Read more
A viatical settlement is a life insurance policyholder’s sale of their life insurance policy to a third party for more than its cash surrender value, but less than its face value. The third party becomes the new owner and beneficiary of the policy and pays the policy premiums. When the original policyholder dies, the third … Read more
In microeconomics, a price maker is a firm that can influence the price of a good or service in the market. Price makers have some control over the price of a good or service due to factors such as production costs, market demand, and availability. The term is usually used in contrast to “price taker,” … Read more
