Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Logistics > Exam prep > Flashcards

Exam prep Flashcards

1
Q

(1) What is logistics?

A

-Logistics is the management of transportation or information, from one place to another.
-Logistics involves many things
(transportation, inventory, packaging, suppliers and sometimes security).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

(1) The three flows in logistics

A

The information flow
The material flow
The capital flow
(Between suppliers and customers)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

(1) The information flow

A

The information flow - consists of verbal, written or digital impulse in the communication between the actors in a supply. (For example order confirmation, rules or shipping notes)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

(1) The material flow

A

The material flow - consists of processes in which you move on goods in the supply chain, as well as returns. (Material flow is based on an impulse from information and capital flow.)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

(1) The capital flow

A

The capital flow - consists of money transaction between the players in a supply chain. (The capital flow is been on an impulse from information and material flow.)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

(3) 7R - The objectives of logistics

A

Right

  • Product/Service
  • Quantity
  • Condition
  • Place
  • Time
  • Customer
  • Price
  • Environmental impact
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

(2) Explain what Supply Chain Management is.

A

The management of the flow of goods and services. (It involves movement and storage of raw materials, of work-in-progress inventory, and of finished goods from point of origin to point of consumption)

  • Focus in managing relationships with suppliers and customers
  • Co-operation and partnerships to decrease total costs
  • Provide availability at lowest cost
  • End-to-End & a win-win game
  • A demand-driven network
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

(2) Describe what the essential factors are in Supply Chain Management

A

The management of upstream and downstream relationships with suppliers and customers in order to deliver superior customer value at less cost to the supply chain as a whole.
Focus in managing relationships with suppliers and customers
Co-operation and partnerships to decrease total costs
Provide availability at lowest cost (Note! the cheapest may not always be the most economic option)
End to end and a win-win game
A demand driven network

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

(16!) What are the two presumptions in which EOQ (Purchase-Economic Order Quantity) formula can be best applied?

A

A formula to minimize total storage costs and order costs

Can be applied

  1. as demand is constant during the year &
  2. all orders can be delivered in full
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

(5) What is reverse logistics?

A
  • Reverse logistics is any process that involves moving things from the customer back to the producer.
  • In reverse logistics, the flows are the opposite because of the return of materials. (Returns: This may be due to a complaint, such as the delivery of a defective product)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

(8) Which four tasks has purchasing?

A 
The objectives of purchasing are to 
Purchase
-the right QUALITY
-at the right TIME
-from the right SUPPLIER 
-at the right PRICE
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

(12) Explain what the term of payment as follows and when the invoice has to be paid
- Cash against delivery
- 14 days
- 14 days / 2 %, 30 days net

A
  • Cash against delivery =customer has to pay before the delivery - this means the company doesn’t send the product before it has received money
  • 14 days=with payment rate 14 days net ->the customer gets credit &the invoice must be paid during 14 days the invoice is done
  • 14 days / 2 %, 30 days net = if the customer pays within 14 days, they can reduce 2% of the sum of invoice.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

(15) Which four incoterms are relevant and used in sea freights only?

A

FAS = Free Alongside Ship
FOB=Free on Board
CFR=Cost and Freight
CIF=Cost, Insurance and Freight

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

There are 7 methods to run a more efficient warehouse (management).

A
  1. Less number of warehouses
  2. Optimizing the location of the warehouses
  3. Outsourcing the warehouse
  4. Consignment stock
  5. Smaller quantities of products in stock
  6. Delivers from fewer suppliers
  7. Digitalisation and automatized processes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q 
Explain the concepts
Availability (the level of service)
Delivery time/lead time 
Reliability of timely delivery
Delivery reliability
A

Availability=the likelihood that the product is in stock

Delivery time/lead time=the time elapsing from order to delivery

Reliability of timely delivery=Reliablity that the delivery arrives in accordance with the order acknowledgment

Delivery reliability=Delievery of right product in the right quantity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q 
(27) In logistics, what does the following abbreviations mean?
ETD
ETA 
SCM
FTL
LTL
A 
ETD=Estimated Time of Departure 
ETA=Estimated Time of Arrival
SCM=Supply Chain Management
FTL=Full Truck Load 
LTL=Less than Truck Load
17
Q

(30) What is the aim with Centre of Gravity model?

A

Evaluating Location Alternatives for warehouses or distribution centers

Logistics (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions