Business Operations Flashcards
1
Q
Just in time
A
a stock management method in which goods are received from suppliers only as they are needed.
2
Q
Just in case
A
a stock control method that involves producing or purchasing stock with excess, or buffer stock.
3
Q
Procurement
A
Involves selecting suppliers, establishing the terms of payment and negotiating the contract
4
Q
Supply chain
A
the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product.
5
Q
Logistics
A
Refers to the movement of goods, services, information and money throughout the production process
