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


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
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