Jig

A jig is a device that both holds an item in place and guides a machine tool such as a drill.

Joint Operating Model

(JOM)

(1) In logistics, a Joint Operating Model is the logical extension of the 4PL, with tight-knit integration between the service provider, the customer, and the customer’s supply chain. (2) In oil and gas, the JOM is defined by a Joint Operating Agreement, a common basis for exploration and production companies to cooperate.

Joint Venture

A joint venture is an entity formed between two or more parties to undertake economic activity together. The parties agree to create a new entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. The venture can be for one specific project only, or for a continuing business relationship.

Just-in-Time

(JIT)

A methodology where inventory movements are controlled by real-time demand, rather than stacking materials up in piles according to a forecast. JIT sees materials, parts, sub-assemblies, and support items delivered to the production line at the exact moment they are needed, and neither sooner nor later. This can control costs by reducing inventory, and also by encouraging production only when needed, not simply because a production machine is idle.