Stock Management and Procurement Quiz

What are the two main methods of stock management discussed in the video?

• Bargate stock graphs and just-in-time control

• FIFO and LIFO

• ABC analysis and EOQ

• Kanban and Six Sigma

Which type of stock includes items like bread dough that are in the process of being made?

• Raw materials

• Work in progress

• Excess inventory

• Finished products

What does the maximum stock level on a bargate stock graph represent?

• The point at which stock must be reordered

• The average stock level over time

• The highest quantity of stock a business is willing to maintain

• The lowest quantity of stock a business can maintain

What is a key benefit of the just-in-time (JIT) stock control method?

• Increased stock levels

• Higher lead times

• Reduced inventory and waste

• Increased storage costs

What is a potential downside of the JIT method?

• Reduced customer satisfaction

• Increased inventory costs

• Delays in the supply chain

• Higher stock levels

What is the primary focus of procurement in stock management?

• Transporting goods to customers

• Increasing stock levels

• Reducing lead times

• Discovering, purchasing, and acquiring necessary stock

Which factor is NOT essential for building strong supplier relationships?

• Delivery

• Marketing

• Quality

• Availability

What is the role of logistics in stock management?

• Reducing product quality

• Increasing stock levels

• Organizing and transporting goods

• Only focusing on supplier relationships

What can inadequate logistics lead to?

• Cost reductions

• Increased expenses due to delays

• Higher stock levels

• Improved customer satisfaction

How does effective logistics enhance a company's reputation?

• By reducing product quality

• By focusing solely on cost reductions

• Through punctual deliveries and consistent availability

• By increasing lead times