A scheduling system that minimizes inventory by using components exactly when needed is referred to as what?

The correct answer is the just-in-time strategy. This approach focuses on minimizing inventory levels by ensuring that materials and components are delivered or produced only as they are needed in the manufacturing process. The goal of the just-in-time strategy is to reduce waste and improve efficiency by aligning production schedules more closely with demand, thereby avoiding the costs associated with holding excess inventory.

In this system, products are manufactured or received just in time to meet customer demand, which can lead to reduced storage costs and increased operational efficiency. Businesses that effectively implement a just-in-time strategy can respond more quickly to changes in consumer demand and reduce the risk of overproduction.

The other choices reflect different inventory or production management strategies but do not emphasize the same just-in-time philosophy aimed at minimizing inventory waste and costs. Stockless inventory suggests a system that operates without holding physical stock, but it does not necessarily describe the timing of inventory actions as effectively. ASAP inventory and replenishment-only inventory do not encapsulate the principles of efficiency and waste reduction inherent in the just-in-time strategy.