llatch the beginnings of the sentences (r-6) with the endings (a-f) to make definitions of more
key terms.
r Lead time is the time
z Procurement is
3 A retailer is a business
I Customer order cycle time is the time
5 A wholesaler is
6 JIT - just in time is a concept
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I
n
n
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AUDIO
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UNIT 3 Inventory management and procurement I 21
a customers are prepared to wait for the delivery of their order.
b of reducing inventories by co-ordinating the detivery of materiats just before they are needed.
c it takes to produce and supply a product.
d an intermediary between manufacturers and retailers which buys in large quantities and resells
in smaller quantities.
e that buys products from wholesalers ormanufacturers and resells them to the uttimate
consumer.
f the purchasing of goods (materials, parts, supplies, equipment) required to run an enterprise.
Listen to an expert presenting an inventory management system to the managers of a large retail
store. Then saywhich of the statements are true Z or fakeE.
r The inventory system is catted CPR.
z ll's a sales-based system.
3 The system co-ordinates the flow of information and goods in the togistichain.
4 Young Fashion has used the system for six years now.
5 Orders are electronically transferred to the warehouse.
6 The store has reduced transport and inventory costs by about 25 per cent
two friends were camping together of a river. their names were jim and tim. tim was very lazy boy. on the first evening of their holiday, jim said to tim, "here’s some money. go and buy some meat."
"i’m too tired," answered tim. "you go." so jim went to buy the meat.
when he came back, he told tim that he must cook it. but tim explained, "no, i’m not good at cooking. you must do it." so jim fried the meat. than jim cut the bread as tom did not want to do it. after that he offered his friend brung some water.this time tim replied: "no, i don’t want to get my clothes dirty" .so jim got the water.
at last the meat was ready and jim invited tim to eat it.
"well, i can do that," - agreed tim. "i don’t like saying “no” all the time."