Stock Control Charts Key Terms

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Flashcards covering key terms related to stock control charts from the lecture notes.

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1

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What is the Re-order Quantity?

The amount of stock ordered to take inventory back to the maximum level.

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What is buffer stock?

The minimum stock level held by the firm (for 'just in case' scenarios).

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What is lead time?

The time between ordering stock and delivery.

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What is the re-order level?

The level of stock at which a firm places a new order with suppliers.