Logistics Vocab
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Logistics Vocab
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1. Situation where a process - procedure - or system yields less than the best possible outcome or output - caused by a lack of best possible coordination between different components - elements - parts - etc.

2. Unused available space.

3. Refers to the amount of product entering and leaving a facility in a given time period.

4. A long-term arrangement between a shipper and another party to provide logistics services that is characterized by relational focus - a focus on mutual benefits - and the availability of customized offerings.

5. Locations that contain chemicals or other types of industrial wastes.

6. A facility temporarily established at the site of inventory; the warehouser assumes custody of the inventory and issues a receipt for it - which can then be used as collateral for a loan.

7. According to the Council of Supply Chain Management Professionals - SCM encompasses the planning and management of all activities involved in sourcing and procurement - conversion - and all logistics management activities. Importantly - it also i

8. Twenty-foot equivalent unit; a measure of the number of 20-foot containers that are used or handled.

9. Uses the internet to make it easier - faster - and less expensive for an organization to purchase goods and services.

10. Transportation carrier that has agreed to serve the general public and assumes four legal obligations: service - delivery - reasonable rates - and avoidance of discrimination.

11. Inventory is replenished with a set quantity every time it is ordered; the time interval between orders may vary.

12. Damage that is not initially apparent but is discovered after a package is opened.

13. Taxes that governments place on the importation of certain items.

14. Analogous to personal property taxes paid by individuals - and inventory tax is based on the value of inventory that is held by an organization on the assessment date.

15. For international transactions - refers to determining when and where to transfer between buyer and seller - the physical goods - the payment for goods - legal title - required documentation as well as responsibility for controlling and caring f

16. A relational exchange approach involving a limited number of suppliers.

17. Provides specialized service to each customer based on a contractual arrangement.

18. Refers to the value or usefulness that comes from a customer being able to take possession of a product.

19. Software packages that control the movement and storage of materials within a warehousing facility.

20. Companies that specialize in transporting parcels or small packages.

21. Companies whose primary business is other than transportation provide their own transportation service by operating truck - railcars - barges - ships - or airplanes.

22. The cost of giving up an alternative opportunity.

23. Refers to software that users access on a per-use basis instead of software they own or license for installation.

24. Inventory needed to satisfy demand during an order cycle.

25. Material that is used to block and brace products inside carrier equipment to prevent the shipment from shifting in transit and becoming damaged.

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