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