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Description
Flashcards by Chuka Munkh-Achit, updated more than 1 year ago
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Created by Chuka Munkh-Achit
about 8 years ago
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| 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 |
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