What are the inventory management strategies? Explain. Describe the pros and cons of JIT inventory strategy. 

Inventory management strategies refer to the techniques and approaches used by organizations to efficiently manage their inventory levels, meet customer demands, and minimize costs. Here are some commonly employed inventory management strategies:

1. Just-in-Time (JIT): JIT is a strategy that aims to minimize inventory levels by receiving and producing items just in time for customer demand. This strategy focuses on reducing waste, improving efficiency, and optimizing production and delivery processes. By adopting JIT, organizations can benefit from:

   Pros:

   • Reduced carrying costs: JIT minimizes inventory holding costs, including warehousing, storage, and obsolescence costs. This frees up ___ _______ ____ __________ ______ ________ __________.
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