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Business Studies Unit 1

emily.mckechnie

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Business Operations

Description

Definitions for all key terms in this topic

Flashcards by James ROBERTSON, updated more than 1 year ago

	Created by James ROBERTSON about 6 years ago

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Resource summary

Question	Answer
Procurement	Everything involved with buying or obtaining good and services for in a business
JIT stock control	When a business orders in enough stock to cover them and no excess
JIC stock control	when a business orders excess stock to cover extra orders
Lead Time	How long the time is between ordering and delivery (Years,Months,Weeks)
Buffer Stock	Held stock to cover the business for extra orders
Job Production

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