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Logistics – Defination
Generally, logistics is the detailed planning and execution of a complex operation. Logistics, in a general market context, is the control of the flow of things to satisfy the needs of customers or corporations between the point of production and the point of consumption. Tangible goods such as materials , machinery, and services, as well as food and other consumable products, can be part of the resources managed in logistics.
Common Logistics Terms to be known – Logistic terminologies
AAR – This is called as Against All Risks.
A-channel – The primary channel of distribution from which only first-quality items are distributed.
act of God – An act beyond human influence, such as lightning, earthquakes or floods.
API – Application Program Interface
B/L or BOL – Bill of Lading
business-to-consumer (B2C) – Selling individual items, typically on a cash payment basis, to individual buyers; retailing.
business-to-business (B2B) – Trading between firms (and not between businesses and consumers), characterized by (1) relatively large volumes, (2) competitive and stable prices, (3) fast delivery times and, often, (4) on deferred payment basis. In general, wholesaling is B2B and retailing is B2C.
business logistics – To achieve an reasonable level of demand-service at reduced cost, coordination of planned demand, sourcing, physical movement and storage of parts, components , raw materials and semi-finished and finished goods. This covers both inbound and outbound movements, and is a broader term than management of distribution that does not include activities such as forecasting and procurement.
CFR – Code of Federal Regulations
Cradle the Grave – Model of operations where operators or agents own all communications related to a shipment.
deconsolidation – Separating a ‘consolidated’ (usually containerized) shipment for delivery to their respective consignees from their initial constituent shipments. Degroupage, also known as. See consolidated shipping and consolidation, as well.
dekitting – Breaking up of kitted components or parts and their return to the stores.
depot – Facility for the receipt, segregation, inspection, storage, issue and/or distribution of goods. Equipment depots provide the additional services of maintenance, repair, assembly, disassembly, etc.
entry – Customs documents required to clear an import shipment for entry into the general commerce of a country.
expiry date – Issued in connection with documents such as letters of credit, tariffs etc. to advise that stated provisions will expire at a certain time.
financial supply chain – Integral component of a supply chain, connecting trading partners from order placement to receipt of payment. It carries the flow of financial information and money in the direction opposite to the flow of goods and services.
forward linkages – Distribution chain connecting a producer or supplier with the customers.
full container load (FCL) – A shipment in which the freight completely fills a container.
full line forcing – The producer or supplier insists that the supplier must bring the full range of products on the line. When it can be proven that it meets a valid business need, this policy might not be illegal.
GRI – Abbreviation for “General Rate Increase.” Used to describe an across-the-board tariff rate increase implemented by conference members and applied to base rates.
goods in transit – Goods that have departed from the dispatch, loading, or shipping point but have not yet arrived at the receipt, offloading, or delivery point. Also called in transit inventory or stock in transit.
inbound logistics – Receiving, storing, and disseminating incoming goods or material for use.
integrated logistics – System-wide management of entire logistics chain as a single entity, instead of separate management of individual logistical functions.
In-Transit Visibility (ITV) – An information system which tells shippers, carriers, and consignees at any time where and when shipments are picked up, present location, and where and when shipments will be delivered..
Just-in-Time (JIT) – Order placement and delivery that is synchronized with production schedules to reduce or minimize inventory costs.
kit – In inventory management, a separate stock keeping unit (SKU) supplied or used as one item under its own part number.
Lean Logistics (LL, L2) – Logistics systems that provide, transport, distribute, manage, and repair resources using the most direct and efficient means.
logistics channel – Network of all participants in a supply chain engaged in the receiving, handling, storage, transportation, and communications functions.
LTL carrier – Trucking company which consolidates less-than-truckload cargo for multiple destinations on one vehicle.
markup Distribution: Difference in prices at different stages (price points) between a producer and the ultimate buyer.
node – Place in a distribution channel where goods come to a rest, such as transfer points and warehouses.
on board – A notation on a bill of lading that cargo has been loaded on board a vessel. Used to satisfy the requirements of a letter of credit, in the absence of an express requirement to the contrary.
on deck – A notation on a bill of lading that the cargo has been stowed on the open deck of the ship.
private warehouse – Storage facility owned by the firm whose goods are stored in it.
public warehouse – Storage facility that offers its services to all firms and persons.
route – Established or possible path between two points or nodes, from source to destination, or from point of departure to point of termination.
routing – Selecting the minimum cost, distance, and/or time path from several alternatives for a good or message to reach its destination.
siding – Short-distance railroad track serving a factory or warehouse, and connected to the main track via a switch.
streamline – Simplifying or avoiding unnecessary steps, using revamping techniques, or taking other measures to improve the effectiveness of a process, company or organisation.
supply system – In order to provide accurate and timely items required in a process, programme , or project, equipment , facilities, methodologies, and employees are employed.
terminal charge – A charge made for a service performed in a carrier’s terminal area.
TEU – Abbreviation for “Twenty foot Equivalent Unit”.
unit load device (ULD) – Standardized cargo container for air, land, or sea transportation.
war risk – Insurance provision for the loss of goods caused by any act of war.
warehouse – Facility for temporary storage purposes.
Zulu time – Time Based on Mean Time in Greenwich.