Stock, suppliers and logistics
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Notes de leçon
Stock
- Stock includes raw materials, work in progress and finished goods. Accurate records and physical checks help identify losses and avoid relying on quantities that are not actually available or usable.
- Reorder level is the trigger for replenishment; lead time is order to usable receipt; buffer stock absorbs uncertainty. Fictional usage 20 per day × two-day lead time + 20 buffer = 60-unit reorder level. Ordering 60 units brings the 20 units left at delivery back to 80 under the simple model.
A fictional stock-control cycle
Approaches
- JIT aims for low average stock with supplies close to use. JIC retains extra stock to reduce shortage exposure. A hybrid can fit different items: a perishable ingredient and a long-life critical component need not use the same buffer.
- Compare storage, waste and funds tied up against ordering frequency, lost bulk discounts and disruption. JIC is not entirely safe, and JIT is not automatically best for a particular industry. Reliability, alternatives, shelf life and the cost of failure inform the choice.
Low stock and spare stock
Costs of holding stock
- Holding stock can involve space, security, insurance, deterioration, spoilage and obsolescence. Funds tied up cannot be used elsewhere; this is an opportunity cost, not necessarily a separate immediate cash payment.
- Stock rotation and checks can reduce avoidable loss. Extra purchases made for a discount are worthwhile only if savings justify holding costs and likely demand; unsold or obsolete items may destroy the apparent saving.
Suppliers
- Procurement covers sourcing, selection and purchase. Assess price, conformance quality, delivery reliability, speed, payment terms, capacity and responsible practices. Longer agreed credit can help cash timing but does not reduce the bill automatically.
- Fictional 100-unit order: A costs £2 each + £20 delivery + £30 expected defect cost = £250. B costs £2.20 each + £10 delivery + £5 expected defect cost = £235. B has the higher unit price but lower estimated total on these assumptions; uncertainty and other requirements still matter.
Compare a fictional 100-unit order
Supply chains
- Supply chains link organisations and activities from inputs through production and customer supply, with information and returns as well as goods. Relationships can support coordination but do not guarantee discounts, priority or reliability.
- Ethical sourcing considers labour, human-rights, environmental and trading practices. Fair trade broadly seeks better terms; Fairtrade certification has specific standards, independent checks, premiums and applicable price rules. Verify the scope rather than equating local origin or a label with proof of every ethical or environmental claim.
Check sourcing claims
Logistics
- Logistics coordinates transport, warehousing, fulfilment and returns. Compare total cost, reliability, capacity, handling, door-to-door time and environmental effects; transport modes can be combined and no mode is always fastest or cheapest for every route.
- An online retailer should make realistic promises matched to target needs, including tracking or return arrangements where useful. Urgent delivery, slower economy services and collection can serve different customers. A low transport charge may be offset by storage, damage, missed sales or delay.
Match delivery to the offer
Diapos
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1.What is stock?
Easy- Agoods and materials held by a business
- Bmoney in the bank
- Cwages
- Dprofit
2.What is a supplier?
Easy- Aa customer
- Ban employee
- Ca shareholder
- Da firm that provides goods or services to another firm
3.What is raw material?
Easy- Aa wage
- Ba loan
- Cbasic input used to make products
- Da finished product
4.What is work in progress?
Easy- Awaste
- Bpartly finished goods
- Cfinished goods
- Draw materials only
5.What are finished goods?
Easy- Acompleted products ready for sale
- Braw materials
- Cwaste
- Dtools
6.What is a re-order level?
Easy- Athe maximum stock
- Bthe minimum wage
- Ca price
- Dthe stock level that triggers a new order
7.What is lead time?
Easy- Atime to pay wages
- Btime to open
- Ctime from ordering to delivery
- Dtime to sell stock
8.What is JIT?
Easy- Aordering yearly
- Bholding minimal stock and receiving deliveries as needed
- Cholding large stock
- Dholding no suppliers
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