Stock control Flashcards
1
Q
What is stock control?
A
The control of the flow of stock in a business, it concerns the ordering and making of goods
2
Q
What is buffer stock and what are the pros and cons?
A
Stock with is held in case there is a rise in demand or problem with supply
Adv: -business can easily respond to change in consumer demands
- if supplier late, production not affected
Dis: - cost if storage high
3
Q
What are the effects of poor stock control?
A
- loss of customers
- loss of sales
- damage reputation
4
Q
What is just in time stock
A
Stock ordered as close as possible to when its needed
5
Q
What are pros and cons to JIT?
A
Pros:
- reduces waste
-helps improve efficiency
Cons:
-Potential disruptions in supply chain
