GENERAL KNOWLEDGE

Detailed explanation-1: -Just-in-Case is the traditional method of holding a reserve of both raw materials and finished products to be able to respond to a sudden increase in demand.

Detailed explanation-2: -Traditional stock control relies on forecasting stock levels along with closely monitoring stock and reordering when required. Often traditional stock management relies on a ‘just-in-case’ (JIC) method, where business have spare stock to ensure they can continue operating.

Detailed explanation-3: -Just in case (JIC) is an inventory strategy where companies keep large inventories on hand. This strategy minimizes the probability that a product will sell out of stock. A company that uses this strategy typically has difficulty predicting consumer demand or experiences large surges in demand at unpredictable times.

Detailed explanation-4: -Key Takeaways. Inventory management is the entire process of managing inventories from raw materials to finished products. Inventory management tries to efficiently streamline inventories to avoid both gluts and shortages.

Detailed explanation-5: -Re-order lead time-allows for the time between placing an order and receiving it. Economic Order Quantity (EOQ)-a standard formula used to arrive at a balance between holding too much or too little stock. Batch control-managing the production of goods in batches. More items