Just in time is a production system that aims at releasing an exact number of products to the market when the clients need it (Cochran, 1998). This production system requires a detailed production plan with the specific quantity of raw materials and factors of production such as machines and labor.
Activity Based Costing
The management of costs has become one of the core determinants of the success of a company. Companies that are capable of effectively managing their costs have higher chances of success. The companies that do not manage their costs as effectively eventually fail. In order for the organizations to attain growth, the selection of the costing method and the management of the costs is a vital and the irreplaceable activity.