Business Management HL: Stock Control Charts

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6 Terms

1
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stock control charts

an easy way to monitor and analyse stock levels and better control costs. It records when stocks are delivered and when they are sold, and they can be used to make decisions about when to order stock and what quantities

2
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Maximum stock levels

the total amount of inventory a company wishes to hold, using current storage facilities

3
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Buffer stock level

refers to stock that is held just in case there is an unexpected order or late delivery

4
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Lead time

the time it takes a supplier to fulfil an order. the difference between when an order is placed and when it is delivered

5
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Reorder level

the point when new stock is ordered from a supplier. It takes into account the lead time and buffer stock level

6
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reorder quantity

the amount of stock ordered from a supplier