Supply Chain Flashcards
What’s a warehouse
Where resources or finished products are restored
What’s a supply chain
Various processes involved making a product and distributed to customers
What is procurement
Buying goods and services from an external source
Why supply matters
Customers satisfaction, costs, reliability
Choosing suitable suppliers could be :
Cost, quality, speed of delivery, reputation
What is logistics
Moving goods from where they are needed
What’s stock
Raw materials that have bit been used yet or products that’s been made but not sold
Whats stock control
Holding stock just incase there’s a delay o4 sudden increase in demand
Advantages if stock control
Stock usually available, bulk purchases
Disadvantages of stock control
Need to find storage, materials may become out of date, materials may deteriorate
What’s buffer stock
Amount of stock held
What’s lead time
Amount of time that elapses between placing an order and the delivery or that order
