Suppliers - These are other businesses that provide the organisation with goods and services to enable them to function., Lead Time - This is the time between placing an order with a supplier and that order being delivered., Discounts - This is a financial reduction in price - normally given to trusted customers., Credit Terms - This is a facility offered between businesses where they can buy now and pay later., Inventory - This is the term used to describe the categories of stock - raw materials being held in the warehouse, being used on the production line or the finished goods waiting to be sent to customers., Overstocking - This refers to the situation where a business has too much stock - more than they are likely to be able to sell., Understocking - This is the situation where a business does not have enough inventory - so might not be able to meet customer demand., Inventory Control Diagram - This chart details the gradual depletion of inventory over time and the eventual replenishment of stock when orders arrive., Maximum Inventory Level - The highest/most volume/quantity of inventory that is held or can be held by an organisation at a particular point in time., Minimum Inventory Level - Least/lowest volume/quantity of inventory that an organisation is holding at a particular point in time., Reorder Point/Level/Quantity - This is the point where the business will place an order with their suppliers., Buffer Stock - This is an acceptable level of overstock - held to cover times when deliveries might be delayed or to cover unexpected customer orders., Reorder Quantity - This should be the difference between Maximum Inventory Level and the Minimum Inventory Level, Computer Aided Manufacture - This is the use of computer programmed machinery to complete a manufacturing process., EPOS - This stands for Electronic Point of Sale - and is the process used by businesses to manage their inventory levels electronically., Bar Codes - These are unique codes which store data about a product and can be scanned to access the data., RFID tags - These are tags that are scanned remotely using Radio waves., Recycling - The process of putting reusable materials into specific bins or areas to they can be reused or reformatted into another product., Ethical Production - The idea that production should be about doing the right thing for the people who work in the business(do not discriminate) and the right thing for the environment(do not pollute), Video Conferencing - This is the software and equipment used to communicate with others without the need for travel. ,

Management of Operations

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