Logistics Mgmt Flashcards
What is Logistics management
Overall process of managing how resources are acquired, stored and distributed to their final destination.
What are the 4 subdivisions of Logistics
Business, Military, Event and Service
What are the common characteristics of the 4 Subdivisions of Logistics
All require such functions as forecasting, scheduling and transportation.
List the 5 types of economic utility add value to a product or service.
Transformation Utility Place Utility Time Utility Quantity Utility Possession Utility
What is Transformation Utility
Form utility refers to the value added to goods through a manufacturing or assembly process.
What is Place Utility
ogistics provides place utility by moving goods from production surplus points to points where demand exists.
What is Time Utility
The economic value added to a good or service by having it at a demand point at a specific time when it is needed.
What is Quantity Utility
Today’s business environment demands that products not only be delivered on time to the correct destination but also be delivered in the proper quantities.
What is Possession Utility
Possession utility is primarily created through the basic marketing activities related to the promotion of products and services.
In a product oriented environment what departments do Logistics interface with
Manufacturing/Operations, Marketing, Finance
What is Supply Chain management
Supply chain management definitions may varied accordingly to different association and industrial sectors but generally all refer to the flow of materials, information and finances from end to end.
What are the 5 key areas of global change
- Globalisation: More volatility of supply and demand;
Shorter product life cycle; and
Blurring of traditional organisational boundaries - Technology; major force changing the dynamics of the marketplace
- Organisational Consolidation
- The empowered consumer
- Government policy and regulation
