Key Terms - Stock Control Flashcards
1
Q
Buffer stocks
A
Stocks held as emergency stock incase there’s unexpected demand
2
Q
Kanban
A
A card or an object that acts as a signal, to move or provide resources in a factory
3
Q
Lead time
A
The time between placing the order and the order arriving
4
Q
Re-order level
A
The level of current stock when new orders are placed
5
Q
Re-order quantity
A
The amount of stock ordered when an order is placed
6
Q
Stock rotation
A
The flow of stock, into and out of storage
7
Q
Work-in-progress
A
Partly finished goods
8
Q
Lean production
A
Using fewer resources in production and aiming to minimise waste
