Stock Control Quiz

What are the 4 types of production?

• Primary, Secondary, Tertiary, Quaternary

• Manufacturing, Service, Agriculture, Mining

• Batch, Mass, Continuous, Job

• Direct, Indirect, Hybrid, Combined

What is the main focus of lean production?

• Minimisation of resources used in production

• Balancing of resources used in production

• Optimisation of resources used in production

• Maximisation of resources used in production

Goods on the production line are seen as stock

• True

• False

What is the maximum stock level?

• 25

• 100

• 60

• 95

What is the minimum stock level?

• 25

• 100

• 0

• 40

What is the reorder level?

• 600

• 100

• 300

• 350

What is the lead time?

• One month

• Two months

• Two weeks

• Six weeks

What is buffer stock?

• Stock held for display purposes

• Stock held as a safety net against demand and supply uncertainties

• Stock reserved for high-priority customers

• Stock used for promotional purposes

Which of these are advantages of holding buffer stock?

• Stability in supply

• Obolescence

• Opportunity Cost

• Price Stabilisation

Which of these are disadvantages of holding buffer stock?

• Capital could be invested elsewhere

• Requires additional storage facilities

• Raw Materials security

• Competitive Advantage