Just-in-time production is a system in which materials, parts and finished products are delivered at the precise time they are needed. This encourages lower stock holdings, shorter lead times, quicker supply chains, better customer contact and relations, greater efficiency and a more profit-focused organisation.

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Noncompetitive bid

In a Treasury auction, bidding for a specific amount of securities at the price, whatever it may turn out to be, equal to the average price of the accepted competitive bids.

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