2.3.2 working with suppliers Flashcards
1
Q
Buffer stock
A
extra stock that exceeds the number of sales
2
Q
Just-in-time(JIT)
A
receiving stock from suppliers just before it is needed
3
Q
logistics
A
concerned with the efficient storage and transportation of goods. aims to ensure that the right will be ordered and delivered on time.
4
Q
procurement
A
process of sourcing and buying stock
5
Q
buffer stock advantage
A
less likely to run out of stock
6
Q
buffer stock disadvantage
A
stock can perish/go out of date
7
Q
Just-In-Time(JIT) advantage
A
stock will be fresh
8
Q
Just-In-Time (JIT) disadvantage
A
unforeseen circumstances can cause late deliveries
