Furthermore, they do not demonstrate the sort of technological prowess and everyday excellence that will be necessary for me as plant manager not to worry. 3) Entrepreneur Magazine is geared towards startups, so the advice in this article is solid, basic advice. To an extent, the situations are oversimplified, but first-time businesspeople often overlook the importance of proper inventory management. They make these types of mistakes because they have not considered the costs associated with making mistakes in inventory management. The article's basic lessons are interesting, and valuable for the first-time entrepreneur.

4) the article in the Inventory Management Review focuses the risks of JIT on the risks of problems at the supplier. I feel that these risks can be mitigated. If a firm...

This is the performance of due diligence.
There are greater risks associated with JIT, however. There are other potential supply chain disruptions, such as transportation-related issues. Additionally, the relative bargaining power of the supplier plays a role -- if your company is sufficiently large that the supplier is dependent on it, then this can almost entirely mitigate the risk of the "rip-offs" described in the article. The article essentially warns against complacency after a JIT system in instituted -- while it cuts costs it also demands more attention than a more passive inventory system based on large storage facilities.