Managing Stock with Stock Graphs and Just-in-Time Production Systems

The video discusses the importance of stock management for businesses, using Sony's PS5 launch as an example of stock issues during the pandemic. It explains stock graphs and their components, such as raw materials, work in progress, and finished goods. The video also covers challenges in stock management, including lead time and usage rate variations. Finally, it introduces the Just in Time production system, highlighting its benefits and risks.

Why is it important for businesses to manage their stock effectively?

Evaluate responses using AI:

OFF

What challenges did Sony face during the PS5 launch in 2020?

Evaluate responses using AI:

OFF

What are the three main components that comprise the stock level of a business?

Evaluate responses using AI:

OFF

What is the purpose of a reorder level in stock management?

Evaluate responses using AI:

OFF

How does lead time affect stock management in a business?

Evaluate responses using AI:

OFF

What are some potential issues that can arise with stock management?

Evaluate responses using AI:

OFF

How can seasonal variations impact stock levels for a business?

Evaluate responses using AI:

OFF

In what ways can businesses adapt their stock management strategies?

Evaluate responses using AI:

OFF

What is the significance of buffer stock in inventory management?

Evaluate responses using AI:

OFF

What is a just in time (JIT) production system, and what are its advantages?

Evaluate responses using AI:

OFF