Understanding Stock Control Basics

Front

*Front:* Stock Control

Back

of inventory levels to meet customer demand

Front

*Front:* Inventory

Back

and materials a business holds for sale

Front

*Front:* Just-In-Time (JIT)

Back

strategy to increase efficiency by receiving goods only as needed

Front

*Front:* Economic Order Quantity (EOQ)

Back

order quantity to minimise total inventory costs

Front

*Front:* Safety Stock

Back

inventory to prevent stockouts

Front

*Front:* Lead Time

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between ordering and receiving goods

Front

*Front:* True or False: Overstocking can lead to increased storage costs.

Back

True

Front

*Front:* Fill in the Blank: _______ is the process of tracking and managing inventory levels.

Back

Control

Front

*Front:* FIFO

Back

In, First Out; inventory valuation method

Front

*Front:* LIFO

Back

In, First Out; inventory valuation method