A Joint Venture (JV) is a business arrangement in which two or more independent entities collaborate and combine their resources, expertise, and capital to pursue a specific project, venture, or business opportunity. Joint ventures are typically established through formal agreements or contracts that outline the terms, contributions, responsibilities, and profit-sharing arrangements between the participating parties. JVs enable companies to leverage each other’s strengths, share risks and costs, and access new markets or capabilities.

Just-in-Time (JIT) is a production and inventory management system that aims to minimize inventory levels and costs by producing goods or delivering services only as they are needed, in response to customer demand. JIT systems emphasize efficiency, waste reduction, and continuous improvement, relying on tight production schedules, lean processes, and synchronized supply chains. JIT principles originated in manufacturing but have since been applied to various industries and business functions.