First exam Flashcards
Commodity
Transportable article of commerce that can be sold or exchanged
Invoice
List of goods or services sen to a purchaser showing information, including prices, quantities and shipping charges.
“A” channel
The primary sales channel. Carrying first quality goods that have not been available elsewhere
“B” channel
The secondary sales channel, for goods that have not been through a reverse flow. Can carry first quality goods
Design for logistics (DFL)
Designing a product for functioning better logistically. Taking into consideration how the product will be handled, shipped, stored, etc.
Gray Market
Products sold through unauthorized dealers or channels, generally do not carry a factory warranty.
Prepaid
A term denoting that transportation charges have been or are to be paid at the point of shipment
Quality
The composite of material attributes, including performance features and characteristics of a product or service to satisfy a given need.
Price fixing
Agreement among competing vendors to sell at same price.
Purchase order
The signed written acceptance of the offer from the vendor. Serves as the legal binding contract.
The twenty foot equivalent TEU
Inexact unit of cargo capacity often used to describe the capacity of container ships and container terminals, it is based on the volume of a 20 feet long intermodal container, a standard sized metal box which can be easily transferred between different modes of transportation, such as ships, trains and trucks.
List price
The price of an article published in a catalog. Advertisement or printed list from which discounts, if any, may be subtracted.
Packing list
A document which itemizes in detail the contents of a particular package or shipment.
Supply chain
A system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. Supply chain activities transform natural resources, raw materials and components into a finished product that is delivered to the end customer.
Partial payment
The payment authorized in a contract upon delivery of one or more units called for under the contract or upon completion of one or more distinct items of service called for thereunder.
Design specification
A specification setting forth the required characteristics to be considered for award of contract, including sufficient detail to show how the product is to be manufactured.
Public purchasing
The process of obtaining goods and services for public purpose following procedures implemented to protect public funds from being expended extravagantly or capriciously
Lead time
The time that it would take a supplier to deliver goods after receipt order.
Cooperative purchasing
The combining of requirements of two or more governmental units to obtain the benefits of volume purchases and/or reduction in administrative expenses.
Net price
Price after all discounts, rebates, etc. have been allowed
Transport
The movement of people, cattle, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline and space. The field can be divided into infrastructure, vehicles and operations.
Logistics service provider
Logistic company realizing operations for one or more customers
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as department store, boutique or kiosk, or by mall, in small or individual lots for direct consumption by the purchaser.
Overstock
Excess inventory
Point of sale
Point where the ownership of the product transfers to the customer.
Available inventory
Physical inventory minus non shipped customer orders and unavailable products (blocked for quality reasons)
Backorder
Customer order which cannot be satisfied now and for which the customer will wait
Bill of materials
Hierarchical representation of the components and subcomponents needed for manufacturing a product.
Consolidation/groupage
Gathering of the goods from several senders or at destination of several destinations, organizing and in execution of the constituted lot routing by a carrier.
Tracking
Goods localization: where is what?
Value chain analysis VCA
Method for identifying and quantifying supply chain costs reduction opportunities
Just in time delivery JIT
Delivery technique of the necessary quantity of goods, at the required place, at the right time.
Carrying cost
All the costs related to the keeping of an article in stock (financial, mark down, warehousing).
