a) Describe and/or define Just-In-Time (JIT) and outline several of the main features associated with JIT. (5 marks - Suggested time approx. 17 minutes) b) Traditionally inventory has been held: (i) To balance ordering /purchasing or setup costs and carrying costs (ii) To assist in controlling the cost of purchases (iii) To avoid production shutdowns because of unreliable production processes, defective materials & parts, unavailability of raw materials etc. (iv) To satisfy customer demand. Discuss how the JIT approach responds to the traditional reasons for holding inventory.