Stock Control Key Terms Flashcards
1
Q
Stock
A
Aka inventories
Used to make products
2
Q
Raw materials
A
Purchased from supplier before production
3
Q
Work in progress
A
Partly finished goods
4
Q
Finished goods
A
Products ready to sell
5
Q
Stockpile
A
Building up stocks ready for high demand
6
Q
Lead time
A
Amount of time it takes for a stock purchase to be ordered, received, inspected and made ready for use
7
Q
Buffer stocks
A
Emergency stock held incase of a stock shortage
8
Q
Spoilage costs
A
Some goods become outdated and you aren’t able to sell them, especially if they’re perishable.
9
Q
Shrinkage
A
Theft by employees
10
Q
Just in time
A
Suppliers deliver orders just before it’s needed
11
Q
Kanban system
A
Used to control the transfer of materials between the different stages of production
