What is "Just$-$In$-$Time" $($JIT$)$ inventory management, and what is a major benefit of using this approach?

a$)$ JIT aims to keep high inventory levels to meet potential demand. A major benefit is reduced risk of stockouts.

b$)$ JIT focuses on minimizing inventory levels and reducing holding costs. A major benefit is the reduction of waste and carrying costs.

c$)$ JIT involves increasing production lead times to ensure product availability. A major benefit is improved production efficiency.

d$)$ JIT centers on using multiple suppliers to avoid shortages. A major benefit is enhanced supplier flexibility.