How do inventory, quality, and continuous improvement practices strengthen operations?

"Inventory: The supply of goods that a firm holds for use in production or for sale to customers. Inventory management: The determination of how much of each type of inventory a firm will keep on hand and the ordering, receiving, storing, and tracking of inventory. Perpetual inventory: A continuously updated list of inventory levels, orders, sales, and receipts. Just-in-time (JIT): A system in which materials arrive exactly when they are needed for production, rather than being stored on-site. Lean manufacturing: Streamlining production by eliminating steps in the production process that do not add benefits that customers want. Continuous improvement: A commitment to constantly seek better ways of doing things in order to achieve greater efficiency and improve quality. Quality: Products and services that meet customer expectations by providing reliable performance. ISO 14000: A set of technical standards designed by the International Organization for Standardization to promote clean production processes to protect the environment. ISO 9000: A set of five technical standards of quality management created by the International Organization for Standardization to provide a uniform way of determining whether manufacturing plants and service organizations conform to sound quality procedures. Malcolm Baldrige National Quality Award: An award given to recognize U.S. companies that offer goods and services of world-class quality; established by Congress in 1987 and named for a former secretary of commerce."