1. Explain the concept of JIT inventory management.

2. Explain the process a manufacturing firm might use to implement JIT inventory management if they had been using a traditional manufacturing setting.

3. Explain the relationship between JIT and the Lean production concept?

4. Describe "cycle time" and the steps that compose cycle time in a traditional production environment.

5. How does a value chain approach to inventory management help to reduce Finished Goods Inventory? How do suppliers and customers work together to help this system be successful?