OPERATIONS MANAGEMENT

[edmontim]

I have the third Business Management SAC in a few weeks on operations management and its functions. Could anyone please help me identify the differences between the following definitions?

1. Inventory
2. Raw materials
3. Component parts

Thanks for your help in advance,  they seem very similar after hearing the teachers definitions so would appreciate any clarification!
 

[astone788]

Inventory: goods and materials held as stock by an organisation.
Raw materials: unprocessed inputs sourced from primary producers. eg. farm produce, minerals, water
Components: processed parts, usually purchased from another producer. eg. engine parts, tyres, processed steel

Be ready to rock it when you have the sac.

[edmontim]

thanks for the clarification appreciate it!

[huss48]

anyone who still havent done there AOS 3 SAC and want prac sacs, email me [email protected].