Stock Control Flashcards
1
Q
What is the purpose of stock control?
A
To minimise cost of holding stock.
To ensure there are enough materials for production to continue.
2
Q
What are some problems of stock being too high?
A
There will be waste
Storage costs
3
Q
What are some problems of stock being too low?
A
Might not meet demand
Loss of business
Might not make enough revenue
4
Q
What is a stock control chart?
A
A diagram that tracks stock usage over time
5
Q
What are the 5 features of a stock control system?
A
Maximum level Reorder level Minimum level Reorder quantity Lead time
6
Q
What is stock control?
A
The management of stock
