The Just In Time (JIT) Model is an approach to inventory management that aims to reduce waste and costs by minimizing the amount of inventory a company holds. Unlike traditional inventory management models, which focus on having large quantities of items available in case of demand, the JIT model focuses on only producing products when they are actually needed. This way, companies can reduce warehousing costs and save money by buying parts only when they need them. Additionally, the JIT Model helps businesses identify production process weaknesses and eliminate them, improving overall efficiency and performance.