This is a complete lesson written by Sarah Hilton for Revisionstation and it covers the following topics:
Managing stock:
Just in time (JIT)
Just in case (JIC)
Factors affecting choice of suppliers including:
price
quality
Reliability
The effects of procurement and logistics on a business, including:
efficiency
lower unit costs
The value of effective supply chain management, including:
working with suppliers to ensure that
key processes are running efficiently and cost effectively
getting goods and services for the best price and value
cutting any waste and unnecessary costs to create a streamlined process and fast production times
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£3.00