Purchasing Flashcards
1
Q
What is purchasing?
A
The acquisition of raw materials or products by a business
2
Q
What are the three methods of stock control?
A
- just-in-case stock control
- just-in-time stock control
- computerised stock control
3
Q
Just-in-case stock control
A
The business keeps a certain amount of stock in reserve to allow for problems such as late delivery by suppliers or unexpected demand
4
Q
Just-in-time (JIT) management of stock
A
Raw materials only arrive when they are needed
5
Q
Computerised stock control
A
Can be used for either just-in-case or JIT, and is the process of checking stocks using a computer system, which will reorder any items that have been identified as required e.g. supermarket self checkout when you scan the barcode
