Stock Control Flashcard

Front

What are the key components of an effective stock control system?

Back

Accurate inventory tracking, demand forecasting, efficient order management, and real-time reporting and analysis.

Front

What is the main focus of lean production?

Back

Minimisation of resources used in production

Front

Goods on the production line are seen as stock.

Back

True

Front

What is the maximum stock level?

Back

100

Front

What is the minimum stock level?

Back

25

Front

What is the reorder level?

Back

300

Front

What is the lead time?

Back

One month

Front

What is buffer stock?

Back

Stock held as a safety net against demand and supply uncertainties

Front

Disadvantages of holding buffer stock?

Back

Capital could be invested elsewhere

Front

Just-in-time

Back

Raw materials are delivered by suppliers just in time for production