Just-in-Time (JIT) manufacturing is a philosophy developed by Toyota to eliminate waste and continuously improve productivity. It aims to reduce inventory costs by producing and delivering only what is needed for production. Taiichi Ohno at Toyota first implemented JIT in 1950. By reducing setup times and minimizing inventory, JIT strives to improve return on investment. General Electric and other companies adopted JIT principles in the 1980s under different names. JIT goals include eliminating disruptions, increasing flexibility and productivity, and delivering what customers want when they want it at lowest cost. Key steps involve introducing optimized production speeds, reducing stock to zero inventory, and designing plants and processes to avoid stoppages.