Logistics and Supply Chain Management Flashcards

A set of vocabulary flashcards covering the fundamental concepts, types, and historical evolution of Logistics and Supply Chain Management.

Logistics

The overall process of managing how resources are acquired, stored, and transported to a final destination.

Military Origin of Logistics

The historical association of the term with the movement of troops and their supplies in the battlefield before entering the business lexicon.

Business Logistics

The management of the flow of things between their point of origin and their final destination to meet the needs of companies and customers; it is a subset of supply chain management.

Inbound Logistics

The transportation and transfer of crude or raw materials from suppliers to the respective departments or manufacturers for further processing.

Outbound Logistics

The movement of products or finished goods from production centers to the next supply chain link, also known as the process of order fulfillment.

Reverse Logistics

The transportation of goods or products from the end-users back to the supply chain for refurbishing, repairing, exchange, disposal, or recycling.

Third Party Logistics (3PL)

A logistics process performed by an organization that is NOT the manufacturer or distributor of the product, such as international courier or customs clearance services.

Fourth Party Logistics (4PL)

Strategic partners that interface between their client and multiple logistics service providers to direct every moving part within a supply chain.

7 R’s of Logistics

The framework consisting of the Right Product, Right Customer, Right Condition, Right Place, Right Time, Right Cost, and Right Quantity.

Five Pillars of Logistical Competency

The core areas comprising Network Design, Information Management, Transportation, Inventory Management, and Warehousing, Material Handling & Packaging.

Logistics Management

The process of planning, implementing, and controlling the efficient, cost-effective forward and reverse flow of materials and information from point of origin to point of consumption.

1PL (First-Party Logistics)

A logistics model where the provider is the entity that owns the goods, such as a farmer who delivers eggs to a grocery store.

5PL (Fifth-Party Logistics)

A logistics company that manages a farmer's complete supply chain network from production to delivery.

Kanban and Just-in-Time (JIT)

Logistics concepts introduced between 1970 and 1980 that enabled logistics to link to other operational functions.

Quick Response (QR) and Efficient Consumer Response (ECR)

Technologies introduced in the 1900s that progressed distribution from storing goods into moving goods facilities.

Sea Container (1956)

An invention that significantly contributed to globalization and new consumption patterns by standardizing international transport.

Logistical Objectives

Key goals including Rapid Response, Minimum Variance, Minimum Inventory, Movement Consolidation, Quality, and Life Cycle Support.