Unit 308 - recap

Stock control is the process of ensuring that stock levels are maintained and monitored to ensure that organisational requirements and legal restrictions are followed in relation to the following:

• Buying, storing, selling items

• Designing, building, selling items

• Storing, moving, selling items

What does supply chain refer to?

• The stages goods and services go through from their source to the end consumer

• The process of transporting a product from one location to another

• The process of getting a good or service from a warehouse to the end customer

What does procurement refer to?

• Procurement means getting products to the customer in a time efficient manner

• Procurement refers to getting the highest quality products available

• Procurement means getting the right supplies from the right supplier, at the right price

What does logistics refer to?

• The transportation, storage and distribution of supplies

• The process of ensuring that supplies are ordered in the correct amount at the right time

• The distribution of supplies to the end customer only

The transportation, storage and distribution of supplies. Distribution to the end customer is only a small part of the process. It is ....

• The process of ensuring supplies reach the end consumer

• The process of managing and ordering stock

• The process of using computers to manage stock levels

What does the term JIT mean?

• Just In Case

• Just In Time

• Just in Transport

What does JIT mean in terms of managing stock?

• Supplies arrive just as they are required

• Supplies are stored as a safety net in case they are required

• Using traditional stock management methods

How might stakeholders be negatively impacted by supply and logistics?

• High quality products

• Products arriving on time

• Poor quality products

Stock control is sometimes referred to as

• inventory management

• stock taking management

• listing management

What is an advantage of buffer stock?

• Businesses have spare supplies in case of emergency

• Businesses need space for storage

• Businesses have lots of capital invested in stock