3.2 Flashcards
1
Q
procurement
A
the process of dealing with suppliers
2
Q
opportunity cost
A
the next best alternative
3
Q
just in time (JIT)
A
ordering stock when it is needed
4
Q
just in case (JIC)
A
ordering stock in preperation
5
Q
four factors that influence a businesses choice of suppliers
A
cost
efficiency
reliability
quality
6
Q
logistics
A
the movement of goods, money, information and services throughout the production process
7
Q
supply chain
A
the chain from supplier to consumer
