stock control

Question 1

what are raw materials and components

Answer 1

stocks to be made into products to be sold

Question 2

what is semi finished stock

Answer 2

part made products e.g pizza dough

Question 3

what is finished stock

Answer 3

products to be sold to customers

Question 4

JIT

Answer 4

stock delivered just as business needs them

hold no stock

Question 5

JIC

Answer 5

have maximum, minimum and re order stock level

minimum = buffer stocks

Question 6

what are advantages of JIT

Answer 6

stock is fresh
less storage costs
perishable stock e.g food

Question 7

what are disadvantages of JIT

Answer 7

can't cater to surplus demand
less room for mistakes
need close relationships with suppliers
may have to operate without stock
relies on standardisation

Question 8

what are advantages of JIC

Answer 8

always cater to demand
room for mistakes
can offer more options e.g restaurant

Question 9

what are disadvantages of JIC

Answer 9

more expensive to hold stock

stock needs to be fresh