Just-in-time (JIT) inventory is a management strategy that aims to reduce waste by receiving goods only as they are needed in the production process. This approach minimizes inventory costs and storage space, allowing companies to operate more efficiently. By synchronizing production schedules with demand, businesses can respond quickly to changes in customer preferences. The JIT system relies on strong relationships with suppliers to ensure timely deliveries. Companies like Toyota have successfully implemented JIT to streamline operations and improve quality. However, this method requires careful planning and can be risky if supply chain disruptions occur, as it leaves little room for error.