1386535
Managing Stock
- re-order level
- when the stock level
gets to this point, the
manager/worker will
order more stock
- when the stock level
gets to this point, the
manager/worker will
order more stock
- maximum
stock levels
- largest amount of stock
that a business has decided
to keep at any one time
- largest amount of stock
that a business has decided
to keep at any one time
- types of stocks
- stocks of materials
which have been
bought buy the
business
- stocks of
materials that
have been
semi-finished by
the producer
- stocks of finished goods
- stocks of materials
which have been
bought buy the
business
- stocks
- are: materials that a
business holds. some could
be materials waiting to be
used in the production
process and some could be
finished stock waiting to be
delivered to customers
- are: materials that a
business holds. some could
be materials waiting to be
used in the production
process and some could be
finished stock waiting to be
delivered to customers
- Minimum
or buffer
stock levels
- lowest amount of
stock that a business
can hold
- if stocks fall below this level,
business may have trouble
filling in unexpected orders
- if stocks fall below this level,
business may have trouble
filling in unexpected orders
- lowest amount of
stock that a business
can hold
- Just In Time (JIT)
- A stock management
system where stocks are
only delievered when
needed. no stocks held
by the business
- A stock management
system where stocks are
only delievered when
needed. no stocks held
by the business
- disadvantages of holding stock
- cost
- less stock =
less costs
- less stock =
less costs
- production needs
- holding too little stock
can result in loss of
production and sales
- not enough stockso had to
turn the customer away.
- not enough stockso had to
turn the customer away.
- suppliers might be late
- holding too little stock
can result in loss of
production and sales
- cost
- advantages of holding stock
- Price
- Buying in bulk
- cheaper to buy
a lot of
products all at
once
- cheaper to buy
a lot of
products all at
once
- Buying in bulk
- just in time
- have to hold any stock
- reduce total costs
- reduce total costs
- have to hold any stock
- Price
- Topic 3.2 Revision
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