Just-in-Case Inventory Management - Explained
What is Just in Case Inventory Management?
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Table of ContentsWhat is Just-In-Case Inventory Management?When is the Just In Case (JIC) Inventory Method Used?
What is Just-In-Case Inventory Management?
Just in case (JIC) is an inventory management strategy in which a company stores a large inventory to prevent running out of stock. It is most useful when a company forecasts a high demand for products or a scarcity of materials. This strategy balances higher inventory holding costs against the potential costs of running our of inventory. The opposite of the Just-in-Case Inventory is the Just-in-Time Inventory Method.
When is the Just In Case (JIC) Inventory Method Used?
Just in case is an older strategy used by traditional companies that experience difficulty in making demand forecast. The just in case (JIC) strategy is common in manufacturing. A company manufactures excess goods in expectation of a surge in demand. A related method is the Make-to-stock approach. Here, a company seeks to manufacture products or hold inventory that is sufficient to meet the forecasted future demands.
Academic Research on Just In Case Inventory Management