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Description
Flashcards by Lucille Compton, updated more than 1 year ago
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Created by Lucille Compton
over 7 years ago
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| Question | Answer |
| What is logistics | Logistics is the process of satisfying customer's needs from the point of origin (sourcing of raw materials/services) to the point of delivering the customer's needs. This includes all the processes of sourcing materials, transforming these materials through a manufacturing process and finally delivering the product to the customer. |
| What is the logistics function in business? | Business logistics is concerned with the inbound movement of materials and supplies, and the outward movement of finished products. Its goal is the delivery of the finished products required by the marketing department to the point where they are needed, when they are needed, in the most economical fashion. |
| What are the 8 most important instruments in the analytical toolkit? | - Forecasting - Analysis with simulation - Rational decision making - Facility location - Route planning - Inventory control - Scheduling (of machines, production, vehicles, crews and projects) - Application of queuing theory |
| The systems analysis process | 1. Problem Identification : Define business objectives and determine levels of logistics services needed to achieve it. 2. System Modelling : Gain understanding of current business environment through investigation and simulation of status quo. 3. Generate Alternatives : Determine all technically feasible alternative logistics investment options. 4. Evaluation : Apply optimisation and assessment techniques in order to determine the most viable logistics investment options and operating procedures. 5. System Selection : Choose most viable alternative logistics investment option. 6. Implementation : Organise and introduce the selected facilities, equipment and procedure. 7. Monitoring and Review : Formulate and apply performance measurements to judge the success of the logistics execution. |
| Supply Chain Management (according to CSCMP) | Supply chain management encompasses the planning and management of all activities involved in sourcing and procurement, conversion and all logistics management activities. It includes coordination and collaboration with channel partners which can be suppliers, intermediary 3rd party service providers and customers. Supply chain management integrates supply and demand management within and across companies. |
| Define Logistics (according to CSCMP) | Logistics can be defined as that part of supply chain management that plans (prepares), implements (organises) and controls (executes) the efficient, effective forward and reverse flow and storage of goods, services and related info between the point of origin and the point of consumption in order to meet customer's requirements. |
| Logistical decisions are typically classified in the following ways: | - The Strategic Level : Long-term - The Tactical Level : Once a month/once a year - The Operational Level : Day to day decisions |
| Objective of Logistics Management | To be efficient and effective across the entire system while at the same time minimising system wide cost from origin to destination. About getting the right product to the right place at the right time and at the right cost. |
| Business Logistics Activities | - Demand forecasting - Facility site selection and design - Procurement - Material handling - Packaging - Warehouse management - Inventory management - Order processing - Logistics communication - Transport - Reverse logistics - Customer service |
| What is efficiency? | Efficiency is a measure of the way that the allocation of resources maximises outputs with the given inputs and technology, or put the other way round, a measure of the way the allocation of inputs minimises the cost to satisfy given objectives. Efficiency generally implies achieving an objective at the lowest possible cost. |
| What is effectiveness? | Effectiveness is a measure of how successful the supply of a product is, as experienced by users and consumers, i.e. how well service conforms to their expectations or how well goods satisfy their needs. As a performance measure, effectiveness may be expressed as the degree to which the desired level of service is provided to meet stated goals and objectives. |
| The 4 P's of the marketing mix | - The right product - At the right price - Advertised with the proper promotion - Available at the right price |
| Primary value added activities | - Inbound logistics - Operations - Outbound logistics - Marketing and sales - Service |
| Secondary value adding activities | - Procurement - Technology development - Human Resource management - Firm infrastructure |
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