Managing Stock

Description

Mind Map on Managing Stock, created by 130299es on 01/10/2014.
130299es
Mind Map by 130299es, updated more than 1 year ago
130299es
Created by 130299es almost 10 years ago
10
1

Resource summary

Managing Stock
    1. re-order level
      1. when the stock level gets to this point, the manager/worker will order more stock
      2. maximum stock levels
        1. largest amount of stock that a business has decided to keep at any one time
        2. types of stocks
          1. stocks of materials which have been bought buy the business
            1. stocks of materials that have been semi-finished by the producer
              1. stocks of finished goods
              2. stocks
                1. are: materials that a business holds. some could be materials waiting to be used in the production process and some could be finished stock waiting to be delivered to customers
                2. Minimum or buffer stock levels
                  1. lowest amount of stock that a business can hold
                    1. if stocks fall below this level, business may have trouble filling in unexpected orders
                  2. Just In Time (JIT)
                    1. A stock management system where stocks are only delievered when needed. no stocks held by the business
                    2. disadvantages of holding stock
                      1. cost
                        1. less stock = less costs
                        2. production needs
                          1. holding too little stock can result in loss of production and sales
                            1. not enough stockso had to turn the customer away.
                            2. suppliers might be late
                          2. advantages of holding stock
                            1. Price
                              1. Buying in bulk
                                1. cheaper to buy a lot of products all at once
                              2. just in time
                                1. have to hold any stock
                                  1. reduce total costs
                              3. Topic 3.2 Revision
                                Show full summary Hide full summary

                                Similar

                                Unit 1: Government and Politics: The Constitution
                                LittleLauren:)
                                I'm the king of the castle
                                archita.kmr
                                Girls' and Boys' Education - A Mind Map
                                Cecelia Price
                                An Inspector Calls: Characters
                                bexjrutherford
                                Types and Components of Computer Systems
                                Jess Peason
                                Ancient Roman Quiz
                                Rev32
                                Expertise in Project Management
                                tonesha_g
                                The Circulatory System
                                mimtasin afra
                                Leaving Cert Poetry 2017
                                Mark O'M
                                1PR101 2.test - Část 7.
                                Nikola Truong
                                New PSBD Question
                                gems rai