Inventory Controll + Record Keeping

Question 1

Max inventory lvl

Answer 1

the highest amount of inventory an organisation should hold before it incurs extra costs.

Question 2

Min inventory lvl

Answer 2

The lowest amount of inventory an organisation should hold below which they would become understocked

Question 3

Reorder lvl

Answer 3

the point at which a new order is placed with the supplier.

Question 4

Reorder quantity

Answer 4

the amount of inventory ordered from your supplier. This will be determined by the lead time of your supplier

Question 5

Computerised record keeping - EPOS

Answer 5

scanning barcodes/QR codes in the warehouse, shelves and till to automatically update inventory levels

Question 6

Databases/Spreadsheets

Answer 6

using software to hold the inventory information and also carry out calculations and analysis

Question 7

CCTV and security tags

Answer 7

to deter theft of inventory from both the warehouse and store