Business 3.3.2

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On a bar gate stock graph, what is a buffer inventory?
A buffer inventory is the amount of inventory held in case deliveries are held up.
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On a bar gate stock graph what is the reorder level?
The 'reorder level' is the level of inventory at which new stock is ordered.
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What is one of the drawback of just-in-time stock control?
Frequent delivery costs is a drawback of just in time stock control.
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What is an advantage of centralised storage?
An advantage of centralised storage is reducing duplication of stock.
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What is procurement?
Procurement is the act of acquiring, buying goods, services or works from an external source, often via a tendering or bid process.
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What is logistics?
Logistics is a part of supply chain that handles the transport of any material (raw material, finished product) across the supply chain
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What is the link between procurement and logistics?
Buying Logistics services for your supply chain needs is done by Procurement
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What is meant by supply chain?
The supply chain refers to all the businesses, people and activities that take part in the production processes from the start until it gets to the customer. Businesses now trade all over the world so the supply chain can be very complex.
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What is Just in Time stock management?
It involves receiving goods from suppliers as and when they are required, rather than carrying a large inventory at once
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What is Just in Case stock management?
Just in case (JIC) is an inventory strategy in which companies keep large inventories on hand. This type of inventory management strategy aims to minimise the probability that a product will sell out of stock
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Other cards in this set

Card 2

Front

The 'reorder level' is the level of inventory at which new stock is ordered.

Back

On a bar gate stock graph what is the reorder level?

Card 3

Front

Frequent delivery costs is a drawback of just in time stock control.

Back

Preview of the back of card 3

Card 4

Front

An advantage of centralised storage is reducing duplication of stock.

Back

Preview of the back of card 4

Card 5

Front

Procurement is the act of acquiring, buying goods, services or works from an external source, often via a tendering or bid process.

Back

Preview of the back of card 5
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