purchasing Flashcards
purchasing definition
the acquisition of raw materials or products byh a business
stock definition
the value of the products kept on the business premises at any one time
stock control definition
the attempt by a business to ensure that stock levels are managed efficiently.
just in case stock control
business keep a certain amount of stock in reserve to allow for problems such as late delivery of suppliers or unexpected demand
just in time stock control
raw materials arrive only when they are needed. aims to reduce spending and improve overall competitiveness by eliminating costs of high stock levels
computerised stock control
process of checking stocks using a computer system which will re-order any items that are required. self checkout example, JIT will deliver it when software reisters the checkout, JIC will have reserves in stock for you demand order.
