controlling

Question 1

controlling

Answer 1

a management activity that measures how well an organisation achieves the goals and objectives that is has set

Question 2

stock control

Answer 2

aims to keep optimum stock levels so that the organisation doesn’t have too much or too little stock

Question 3

optimum stock levels

Answer 3

ideal level of stock that a business should have at a particular time

Question 4

minimum stock levels

Answer 4

the lowest number of stock that should be held

Question 5

maximum stock levels

Answer 5

largest amount of stock that should ne held. Can be limited by space available in building premises

Question 6

re-order level

Answer 6

level of stock at which a new order for stock should be placed. Takes into account lead time

Question 7

lead time

Answer 7

time from when an order is placed to the stock arriving at the firms stockroom

Question 8

Electronic data interchange

Answer 8

enables firms to communicate information such as orders, invoices and payments electronically rather than on paper. Documents can be transferred without need for human interaction