BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Accounting and Auditing Cost and Management Accounting
In the context of Lean Manufacturing, which of the following best describes the concept of "Just-in-Time" (JIT)?
1
Producing goods in advance of customer demand
2
Maintaining high levels of inventory to avoid stockouts
3
Producing only what is needed, when it is needed, and in the quantity needed
4
Implementing extensive quality control checks at the end of the production line
5
Utilizing traditional batch processing methods