Stock Control

Question 1

Two types of Stock control-

JIT + JIC

Answer 1

JIT - Just in time - stock is delivered immediately when it is required
JIC - Just in case - keeping high amounts of stock on premises in case the store starts to run out

Question 2

JIT + JIC Advantages

Answer 2

JIT-
Does not require extra space on the premises
JIC-
Unlikely to run out of stock because of extra amounts

Question 3

JIT + JIC Disadvantages-

Answer 3

JIT-
Stock could run out if it arrives late
JIC-
Takes up a lot of space on premises which could be used for other projects