Quick Answer: What Are The Terms Used In Logistics?

General Logistics Terms

  • Anti-competitive activity.
  • API – Application Program Interface.
  • B/L or BOL – Bill of Lading.
  • CFR – Code of Federal Regulations.
  • Cradle the Grave.
  • DimWt – Dimensional Weight.
  • EDI – Electronic Data Interchange.
  • ERP – Enterprise Resource Planning.

What are logistics terms?

Logistics refers to the overall process of managing how resources are acquired, stored, and transported to their final destination. The term is now used widely in the business sector, particularly by companies in the manufacturing sectors, to refer to how resources are handled and moved along the supply chain.

What are the 7 R’s of logistics?

The 7 Rs’ of Logistics Services in India

  • Right Product. Logistics services in India should have complete information about the kind of product they are going to ship.
  • Right Customer. Every logistics service provider in India must know its target audience.
  • Right Quantity.
  • Right Condition.
  • Right Place.
  • Right Time.
  • Right Cost.

What are the terms used in shipping?

11 Shipment Terms Defined under the Incoterms

  • Ex Works (EXW).
  • Free Carrier (FCA).
  • Free Alongside Ship (FAS).
  • Free on Board (FOB).
  • Cost and Freight (CFR).
  • Cost, Insurance, and Freight (CIF).
  • Carriage Paid To (CPT).
  • Carriage and Insurance Paid (CIP).
You might be interested:  Often asked: How To Start My Own Logistics Business?

What are the main components of logistics?

Here are the five key components of any logistician’s job.

  • Demand planning. To guarantee customer order fulfilment, demand planning is an essential logistics function.
  • Storage and materials.
  • Inventory management.
  • Transportation management.
  • Control.

What is CIF freight terms?

Cost, insurance, and freight (CIF) is an international shipping agreement used when freight is shipped via sea or waterway. Under CIF, the seller is responsible for covering the costs, insurance, and freight of the buyer’s shipment while in transit.

What is Fullform?

FOR stands for Freight on Road. FOR means, if goods are ordered on FOR basis, the goods will be transported by road and the client does not need to pay the freight cost. The goods will be transported from the supplier to the client without any transportation charges.

What are the 4 areas of logistics management?

There are four main types of logistics management, each emphasizing a different aspect of the supply process.

  • Supply Management and Logistics.
  • Distribution and Material Movement.
  • Production Logistics and Management.
  • Reverse Logistics and Product Return.

What is logistic cycle?

Logistics management cycle includes key activities such as product selection, quantification and procurement, inventory management, storage, and distribution. Other activities that help drive the logistics cycle and are also at the heart of logistics are organisation and staffing, budget, supervision, and evaluation.

What are the 5 Rs in logistics?

The 5 R’s of Supply Chain Management

  • The Right Place.
  • The Right Time.
  • The Right Quantity.
  • The Right Quality.
  • The Right Price.

What is DAP freight terms?

Delivered-at-place (DAP) is an international trade term used to describe a deal in which a seller agrees to pay all costs and suffer any potential losses of moving goods sold to a specific location.

You might be interested:  What Is Meant By The Total Cost Approach To Logistics?

What is FOB term?

Free on Board (FOB) is a term used to indicate who is liable for goods damaged or destroyed during shipping. “FOB origin” means the buyer is at risk once the seller ships the product. “FOB destination” means the seller retains the risk of loss until the goods reach the buyer.

What are INCO terms?

Incoterms, a widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers. Incoterms specifies who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities.

What are the six components of a logistic system?

The six major cost components that form the overall logistics costs are: (1) raw material costs, (2) costs of raw material transportation from vendors to manufacturing plants, (3) production costs at manufacturing plants, (4) transportation costs from plants to warehouses, (5) inventory or storage costs at warehouses,

What are the 12 elements of logistics?

Terms in this set (12)

  • Design Interface.
  • Sustaining Engineering.
  • Supply Support.
  • Maintenance Planning & Management.
  • Packaging, Handling, Storage, and Transportation.
  • Technical Data.
  • Support Equipment.
  • Training & Training Support.

What are the 3 main activities of logistics systems?

Logistics activities or Functions of Logistics

  • 1) Order processing.
  • 2) Materials handling.
  • 3) Warehousing.
  • 4) Inventory control.
  • 5) Transportation.
  • 6) Packaging.

Leave a Reply

Your email address will not be published. Required fields are marked *