business operations Flashcards
1
Q
procurement
A
- purchasing goods from an external source for a business
2
Q
procurement consideration
A
- cost
- quality
- delivery speed
-supplier reliability - environmental/ethical
3
Q
logistics
A
- managing the procurement of goods (making sure they’re correct) and making sure they arrive on time
4
Q
logistics need
A
- suppliers to business=> deliver in correct quantity, time, quality
- storage => warehousing=> packaging
- distribution=> deliver to customer/retailer
5
Q
stock control
A
process of monitoring and recording stock level - need to manage effectively & efficiently
6
Q
just-in-case(traditional
A
- holds large amount of stock incase there’s a supplier delay or demand increase
7
Q
JIC advantages
A
- stock is available
- bulk purchases - discounts
- quality check - longer time available
8
Q
JIC disadvantages
A
- find storage - expensive
- transport stock - may damage - expensive
- out of date possibility
- lower sales - high cost
9
Q
just-in-time
A
- only produce goods when orders are received - keep finished goods to a minimum
10
Q
JIT advantages
A
- lower storage - lower costs
- materials in good condition - straight from producer
- little waste - small waste if sales decrease
11
Q
JIT disadvantages
A
- depends on supplier - little mats=> production stops
- no bulk buying - more expensive
- bad rep - little stock - delays to restock
12
Q
computerised stock control
A
- computer controls stock - specific quantity reached, new stock ordered automatically
- recorded using barcodes - scan & update
- relies on accuracy
