Implications of Poor Stock Control (Edexcel A-Level Business): Flashcards
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JIT acronym meaning
JIT acronym meaning
Just-in-time
Industry where JIT was developed (1950s-60s)
Industry where JIT was developed (1950s-60s)
Japanese shipbuilding industry
Opportunity cost of holding excess stock
Opportunity cost of holding excess stock
Money tied up generates no returns/lost profit potential
FIFO stock rotation meaning
FIFO stock rotation meaning
First In, First Out - older stock used before newer
Kanban definition in JIT systems
Kanban definition in JIT systems
Japanese term for signboards/cards controlling material flow
Key problem of holding too much stock
Key problem of holding too much stock
Ties up capital that could be used productively elsewhere
Main risk of holding too little stock
Main risk of holding too little stock
Lost sales & production halts from inability to meet demand
Perishable stocks definition
Perishable stocks definition
Products that physically deteriorate after certain time
Lean production main aim
Lean production main aim
Minimise resource use throughout operations
Key JIT advantage for cash flow
Key JIT advantage for cash flow
Releases capital tied up in stock, improving cash flow