Chapter 22 Business- Inventory management

Chuka Munkh-Achit
Flashcards by Chuka Munkh-Achit, updated more than 1 year ago
Chuka Munkh-Achit
Created by Chuka Munkh-Achit almost 5 years ago
7
0

Description

AS - Level Business Studies (Unit 4 Flash cards for Key Terms) Flashcards on Chapter 22 Business- Inventory management, created by Chuka Munkh-Achit on 04/25/2016.

Resource summary

Question Answer
Stock (Inventory) Materials and goods required to allow for the production and supply of products to the customer
Economic Order Quantity The optimum or least-cost quantity of stock to re-order taking into account delivery costs and stock-holding costs
Buffer stocks The minimum stock that should be held to ensure that production could still take place should a delay in delivery occur or should production rates increase
Re-order quantity The number of units ordered each time
Lead time The normal time taken between ordering new stocks and their delivery
Just-in-time This stock-control method aims to avoid holding stocks by requiring supplies to arrive just as they are needed in production and completed products are produced to order
Show full summary Hide full summary

Similar

Business Studies Unit 1
emily.mckechnie
Business Studies Unit 2
tara.springate
Unit 1: Business Studies GCSE
Libby Rose
Unit 3 Business Studies
Lauren Thrower
BUSS1
Sophie Davis
The skills needed to be a successful entrepreneur
rhiannafordx
The skills needed to be a successful entrepreneur
Rosie Wallis
AS - Buss1 - Formula Cards
Sophie Davis
1.3.1 Characteristics of Successful Entrepreneurs
Molly Hills
How to Turn Business Failure into Business Success
Micheal Heffernan