Summary

Stock control refers to how a business manages their level of stock

Buffer stocks are the minimum stock level a business requires and these help plan for unexpected changes in demand

Lead time is the time taken from order to receiving the good

Maximum stock levels are the largest amount of stock a business can physically hold

Stock rotation is the movement of stock so oldest stock is used first

Stock wastage occurs when stock goes off or is damaged

Quality control aims to ensure all products are of a uniform quality

TQM is a form of quality control standing for total quality management

Quality assurance helps businesses ensure products leave them with no defects or faults

CAD / CAM use computers to aid manufacture and to manufacture products

ICT can help speed up communication within businesses

ICT has allowed more people to work from home

ICT has enabled businesses to have more freedom when deciding their location