39 Inventory control Flashcards

1
Q

Define inventory

A

inventories are stocks held by a business, to meet future demand.

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2
Q

Define buffer stocks

A

buffer stocks are stocks helf as a precaution to cope with unexpected demand.

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3
Q

Define lead time

A

lead time is the time between placing the order and the delivery of goods.

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4
Q

Define stock rotation

A

stock rotation is the flow of stock into and out of storage

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5
Q

Define re-order level

A

re-order level is the level of current stock when new orders are placed

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6
Q

Define re-order quantity

A

re-order quantity is the amount of stock ordered when an order is placed.

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