Influences on Inventory (AQA A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the key challenge in inventory management?
What is the key challenge in inventory management?
Balancing demand satisfaction & costs
What are the main consequences when a business holds too little stock?
What are the main consequences when a business holds too little stock?
Lost sales & reputation damage
How can businesses increase demand to match their supply?
How can businesses increase demand to match their supply?
Marketing campaigns & price reductions
Why do businesses use flexible workforces with part-time workers and zero hours contracts?
Why do businesses use flexible workforces with part-time workers and zero hours contracts?
To adjust production without large staff
How do perishable goods like fresh food affect inventory decisions?
How do perishable goods like fresh food affect inventory decisions?
Require lower inventory & frequent delivery
What characterizes Just-in-Time (JIT) production in terms of inventory?
What characterizes Just-in-Time (JIT) production in terms of inventory?
Holds minimal stock levels throughout
What is buffer inventory (buffer stock)?
What is buffer inventory (buffer stock)?
Minimum amount held as a safety net
What does lead time mean in inventory management?
What does lead time mean in inventory management?
Duration between order & arrival of stock
How does supplier dependability affect inventory levels?
How does supplier dependability affect inventory levels?
Dependable suppliers allow lower inventory
What does opportunity cost mean for inventory?
What does opportunity cost mean for inventory?
Money in stock can't be used elsewhere