Check your knowledge of key terms in inventory management and procurement by chooslng the best definitions for these terms.
Economies of scale: a Reducing costs per unit by increasing production
Buffer stock: a Goods kept in store to cover seasonal demand e.g. Christmas sale
Factory gate pricing: a Transport costs are not included in the purchase price of a product
4 Supply chain: a The close co-operation of all parties involved in the making, selling, and delivering of a product
5 Tender: b An offer for goods or services that follows a request for a quotation made by an official body, e.g. local government
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