Unit 22. Inventory Management

Injir Och
Flashcards by Injir Och, updated more than 1 year ago


Flashcards on Unit 22. Inventory Management, created by Injir Och on 04/28/2016.

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 stocks 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 offer
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