materials and goods required to allow for the production and supply of products to customer
1 of 6
Economic order quantity (EOQ)
the optimum or least-cost quantity of stock to re order taking into account delivery cost and stock holding cost
2 of 6
Buffer inventories
the minimum inventory level that should be held to ensure that the production could still take place in case of a delay in delivery or production rates increased
3 of 6
Re-order quantity
number of units order each time
4 of 6
Lead time
normal time taken from odering new stocks to their delivery
5 of 6
Just-in-time
this inventory-control method aims to avoid holding stock by requiring suppliers to arrive just as they are needed for production and completed product to order
6 of 6
Other cards in this set
Card 2
Front
the optimum or least-cost quantity of stock to re order taking into account delivery cost and stock holding cost
Back
Economic order quantity (EOQ)
Card 3
Front
the minimum inventory level that should be held to ensure that the production could still take place in case of a delay in delivery or production rates increased
Back
Card 4
Front
number of units order each time
Back
Card 5
Front
normal time taken from odering new stocks to their delivery
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