Stock Management and Procurement Quiz

What are the two main methods of stock management discussed in the video?

• ABC analysis and EOQ

• Bargate stock graphs and just-in-time control

• FIFO and LIFO

• Kanban and Six Sigma

Which type of stock includes items like flour and yeast?

• Work in progress

• Raw materials

• Excess inventory

• Finished products

What does a bargate stock graph help businesses to determine?

• The best marketing strategy

• The best suppliers for raw materials

• The optimal price for products

• The reorder level and lead time

What is a key benefit of the just-in-time (JIT) stock control method?

• More excess stock

• Increased storage costs

• Reduced inventory and waste

• Higher lead times

What is a potential downside of the JIT method?

• Excess stock accumulation

• Delays in the supply chain

• Increased inventory costs

• Higher storage requirements

What is the primary goal of procurement in stock management?

• To increase the amount of stock held

• To reduce the number of suppliers

• To secure the right products at the right prices

• To increase production costs

Which factor is NOT essential for building strong supplier relationships?

• Delivery

• Marketing

• Availability

• Quality

How can effective logistics impact a company's reputation?

• By ensuring timely deliveries

• By increasing product prices

• By increasing lead times

• By reducing product quality

What is the role of logistics in stock management?

• To increase storage costs

• To design new products

• To manage marketing campaigns

• To organize and transport goods

Why is trust important in supplier relationships?

• It reduces the need for contracts

• It ensures confidentiality and reliability

• It allows for higher prices

• It increases the number of suppliers