stock control Flashcards
(10 cards)
what is the purpose of stock control?
it is used to show you how much stock you have at one time
what is the maximum level of stock?
the amount a business is able to hold in normal circumstances
what is the minimum level of stock?
the minimum stock is allowed to fall to
what is the reorder level?
level which a business places a new order
lead time?
the length of time from stock being ordered to being delivered
what is just in time stock control?
when raw materials are ordered when required
what is just in case stock control?
when a minimum level of stock is held at all times (buffer stock)
what is buffer stock?
the quantity of stock held in case of shortages
what is lean production?
the minimisation of resources used in the production process
what are bulk buying discounts?
when businesses are offered a lower price for buying in bulk
