Depending on the nature of the business, a manufacturing company will need a stock of items such as: 1. ____ materials, 2. Components, 3. ____, 4. Consumables 5. ____ in order to manufacture its products. Some of the questions a company needs to ask itself in relation to stock are: 1. ____ is it kept? 2. For how ____? 3. ____ is responsible for it? 4. How do we keep track of the ____ of stock, so that we know when to order more? 5. ____ do we order more? 6. What should be done with any ____ 1. ____ - such as steel, aluminium, polymers etc that will be used to make components in the factory 2. ____ - Parts made in the factory or provided by an external supplier 3. ____ - Materials or tools used during production (eg lubricants, wipes, drill bits etc) 4. ____ - Assemblies of components returned to stock for later use 5. ____, fixings - Nuts, bolts, washers, screws along with customised or specially designed bespoke fixings and fasteners 6. ____ - Stock of unfinished goods in production ____ is the word used to describe the whole stock of a business, including materials, components, work in progress and finished product. Inventory or stock ____ and control involves assessing the amount of stock, its storage requirements and costs, and the duration of storage time. Holding ____ stock is a waste of money and resources. ____ stock can create manufacturing problems and result in an inability to meet customer demand with sufficient supply The more stock (inventory) a company holds, the ____ the cost of storing it will become. From the point of purchase to final product, stock does not generate any revenue but does generate ____ costs. Most stock will need to be kept dry and in some cases at a certain ____ or humidity. Stock may be used at different rates, depending on the product being made this is known as the Stock ____. A company producing fast-____ ____ goods (FMCGs) such as mobile phones that sell in very ____ numbers will need an almost constant supply of some components or raw materials to maintain steady production. Such companies are therefore likely to have a large inventory and high stock turnover. On the other hand, specialised engineering companies making ____ equipment or machinery to order will need ____ inventories, because their stock use (turnover) will be slower. ‘____ down’ is an accounting process used to record the reduction of an inventory’s value and is required when the market value drops below its value on the balance sheet. (becomes outdated, or obsolete) A ____ stock level is a threshold value that indicates the level below which the inventory of an item should not normally be allowed to fall. Minimum stock levels are calculated based on: 1. The ____ rate of consumption of materials/components 2. The ____ needed to obtain fresh supplies 3. The ____ level (number of units reordered when restocking) 4. The ____ requirements 5. The minimum quantity of materials that can be purchased at a ____ price ____ involves creating, storing and keeping track of only enough orders to supply the actual demand for the company’s products and can hence be regarded as a lean manufacturing approach. Advantages - ____ inventory costs, ____ cash flow, Improves efficiency and accuracy of forecasting, reduces ____ time and materials Disadvantages - no extra stock on hand to fill unexpected orders, risk that surges in demand cannot be met and sales will be lost, risk that a supply chain shock halts production, requires skill and precision to ____ effectively Made to ____ (MTS) is a more traditional production technique in which producers make and store items on a large scale in anticipation of consumer demand. The quantities made can be based on a forecast of sales or on the ____ of a product. Made to ____ (MTO) is a stock/production strategy that allows consumers to purchase products that are ____ to their specifications. An Material ____ planning (MRP) system will be used to determine what to buy, in what quantities, and when.

MBroT Unit 15 Stock Revision 1

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