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Business JSL > 5 - Stock Control > Flashcards

5 - Stock Control Flashcards

1
Q

What is meant by quality control

A

Checking a products quality once it has been made

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2
Q

Examples of quality control

A

Sampling
Mystery guest
TQM

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3
Q

What is meant by quality assurance

A

Putting systems in place in advance to guarantee the quality whilst the product is being made

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4
Q

Advantages of quality systems

A

Quality increases customer loyalty

More competitive

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5
Q

Disadvantages of quality systems

A

Costly
Slow down production
Excessive

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6
Q

What is meant by lean production

A

Minimising waste in a manufacturing system

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7
Q

What is JIT

A

Just in time production

Stock is used as soon as it is delivered

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8
Q

Benefits of JIT

A

Save costs
Improve cash flow
Less likely damaged/stolen stock

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9
Q

Disadvantages of JIT

A
  • delays in production process

- inability to gain EOS

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10
Q

What is meant by Kanban

A

Automatically reordering stock when it’s hit the reorder level

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11
Q

Advantages of holding stock

A

Meet consumer demand

EOS

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12
Q

Disadvantages of holding stock

A
  • stolen/lost

- storage costs

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13
Q

What is the purpose of a stock control chart

A

To tell a firm how much stock they have

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14
Q

What is the maximum stock level

A

The maximum amount of stock they can hold

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15
Q

What is the reorder level

A

The point at which stock is reordered

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16
Q

What is the minimum stock level

A

The amount of stock that firms aim to never go below

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17
Q

What is buffer stock

A

All stock below the minimum stock level

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18
Q

What is meant by the average stock

A

Calculating the average amount of stock held at any one time

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19
Q

What is the formula to work out the average stock

A

Maximum level + minimum level / 2

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20
Q

What is LIFO

A

Last In First Out production

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21
Q

What is FIFO

A

First In First Out production

22
Q

What is EPOS

A

Electronic Point Of Sale

23
Q

What does TQM stand for

A

Total quality management

24
Q

What is TQM

A

System meaning all employees are being responsible for quality

25
Q

What are some stock control factors

A

Quality
Cost
Efficiency
Speed

26
Q

What does capacity utilisation mean

A

The percentage of your potential capacity/resources that you make use of

27
Q

What is the formula to work out capacity utilisation

A

Actual output/potential output x 100

28
Q

What are the benefits of high capacity utilisation

A

Efficiency

EOS

29
Q

What are the disadvantages of high capacity utilisation

A

Little opportunity for growth
Quality may fall
Diseconomies of scale

30
Q

How can a firm go over 100% capacity utilisation

A

Overtime

Outsourcing

31
Q

What is meant by efficiency

A

Maximising use of inputs

32
Q

What is meant by productivity

A

Output per unit of input

33
Q

What is meant by wastage rates

A

The percentage of wasted resources

34
Q

How to work out wastage rate

A

Wastage/output x 100

35
Q

What is meant by benchmarking

A

Identifying a firm that is the best in the market/industry and using them as a standard to achieve

36
Q

What is meant by logistics

A

Planning, implementing and controlling the movement and storage of goods between origin and consumption

37
Q

Examples of using logistics

A

Supply chain management
Distribution centres
Warehousing

38
Q

What is supply chain management/procurement

A

The process of finding, selecting and establishing t’s and c’s of contracts with suppliers

39
Q

Factors to consider for logistics

A
  • reliability of suppliers
  • Timescales
  • Length of supply chain
  • Costs
  • customer service of suppliers
40
Q

What is meant by transport design and modelling

A

Planning a transport operation

41
Q

What is meant by transport optimisation

A

Maximising efficiency of a transport system

42
Q

What is outsourcing

A

Obtaining goods and services by contract from an outside supplier
Eg construction firm getting workers

43
Q

What does inventory management mean

A

Stock management

44
Q

What is subcontracting

A

Paying someone for a job

Short term version of outsourcing

45
Q

What is off-shoring

A

Taking operations overseas

46
Q

What is restoring

A

Bring overseas operations back to domestic country

47
Q

What are operational objectives

A

Specific production targets set to achieves goals for a firm

48
Q

What is a work study

A

A system of assessing methods of working to help achieve maximum output and efficiency

49
Q

What is ergonomics

A

The process of designing/arranging workplaces and a system to fit its workers

50
Q

What is waste management

A

Involves activities and actions required to manage waste from inception to final disposal

51
Q

What does waste management include

A

Collection
Transport
Treatment
Disposal

Business JSL (11 decks)

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