Topic study hub
The role of procurement
Study how procurement and logistics affect costs, quality, efficiency and supply chain performance.
6
Objectives
10
Flashcards
10
Questions
90 min
Study time
AqaGcseBusinessBusiness operations
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Syllabus checklist
What you need to know
6 objective pages available
Managing stock3 objectives
- Evaluate just in time stock management for a given business.
- Explain the benefits of reduced stock costs and the risks of frequent deliveries and lost purchasing economies.
- Explain the benefits and costs of holding spare stock and buffer stock.
Suppliers, logistics and supply chains3 objectives
- Analyse factors affecting supplier choice, including price, quality and reliability.
- Explain procurement and logistics and their effect on efficiency and unit costs.
- Explain the benefits of effective supply chain management, including supplier coordination, value, reduced waste and faster production.
Key terms
stockjust in timeExplainbuffer stocksupplierpriceprocurementlogisticssupply chain
Exam tips
- Managing stock exam tip 1: Use precise subject-specific vocabulary when you explain how to evaluate just in time stock management for a given business..
- Managing stock exam tip 1: Use precise subject-specific vocabulary when you explain how to explain the benefits of reduced stock costs and the risks of frequent deliveries and lost purchasing economies..
Common mistakes
- Managing stock common mistake 1: Answer by clearly explaining how to evaluate just in time stock management for a given business..
- Managing stock common mistake 1: Answer by clearly explaining how to explain the benefits of reduced stock costs and the risks of frequent deliveries and lost purchasing economies..
Practice preview
- QuickFix Repairs serves commuters while opening a second outlet; the case evidence includes net profit margin of ?3,888, sales of 848 units, and a 19% change in costs or demand. Which option best applies Evaluate just in time stock management for a given business?
- BeanBarn serves tourists while improving quality control; the case evidence includes average order value of ?3,992, sales of 267 units, and a 39% change in costs or demand. Which option best applies Evaluate just in time stock management for a given business?
- SolarSprout serves tourists while improving quality control; the case evidence includes average order value of ?5,441, sales of 966 units, and a 18% change in costs or demand. Which option best applies Evaluate just in time stock management for a given business?
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