Logistics Final Questions & Answers

supply chain collaboration - ANSWERSinteraction between 2 or more parties to achieve a common goal and obtain mutual benefit supply chain integration - ANSWERS-close alignment within a supply chain to achieve the same business objectives -ensures the company has the materials it needs to produce its output coordination - ANSWERSthe synchronization and integration of activities to ensure that the resources of an organization are used most efficiently in the pursuit of objectives integration - ANSWERSan association of customers and suppliers who work together to optimize their collective performance in the creation and distribution of an end product Sales & Operations Planning - ANSWERSmeetings bringing executives from all major departments together to determine how best to manage company resources SCOR Model (supply chain operations reference) - ANSWERSframework that links business processes, performance metrics, practices, and people skills into a unified structure -Processes: plan, source, make, deliver, return, (enable) vertical integration - ANSWERScompany expands its business operations into different steps on the same production path, such as when a manufacturer owns its suppliers and/or distributor VMI (vendor managed inventory) - ANSWERSmeans of optimizing supply chain performance in which the manufacturer is responsible for maintaining the distributor's inventory levels. CPFR (collaborative planning, forecasting and replenishment) - ANSWERSbusiness practice that seeks to reduce supply chain costs by promoting greater integration, visibility and cooperation b/w trading partners' supply chain INCO terms (international commercial terms) - ANSWERStrade terms commonly used in both international and domestic trade contracts. -makes international trade easier by helping traders who are in different countries understand one another porter's diamond - ANSWERSmodel that helps nations or groups understand the competitive advantages they possess due to certain factors available to them shipping conferences - ANSWERSshipping companies that have formed an association to agree on and set freight rates and passenger fares over different shipping routes -offers opportunities for companies to hear new things about the industry and be connected with each other -important because it can drive down transportation costs, but can shut down other companies -problem: this is price-fixing and collusion intermodal - ANSWERSutilizes special containers to transport cargo on multiple modes of transportation such as trucks, freight trains, and ships -capitalizes on the advantages of rail while recognizing the necessity of other shipping modes land bridge - ANSWERSlandmass over which containers offloaded from ships at one or more ports at its coast are transported by rail or truck to the ports at the other coast for onward journey on ships freight forwarder - ANSWERSfirm specializing in arranging storage and shipping of merchandise on behalf of its shippers -tend to take possession -uses their own bill of lading freight broker - ANSWERSindividual or company that serves as a liaison b/w another individual or company that needs shipping services and an authorized motor carrier -works as a middle man to connect shippers and carriers -never takes possession -no bills of lading FTZ (foreign trade zones) - ANSWERSa specific class of special economic zone. -geographic area where good may be stored... under specific customers regulation and generally not subject to customs duty -provides an area where imported goods can be stored or processed without being subject to import duty supply chain processes - ANSWERS1. customer relationship management 2. customer service management 3. demand management 4. order fulfillment 5. manufacturing flow management 6. supplier relationship management 7. product development and commercialization 8. return management - managers from organizations across the supply chain can use a common language and can link up their companies' processes with those of the other supply chain members process - ANSWERSgroup of related tasks w/ specific inputs and outputs -the outputs then serve as inputs for the next stage until a known goal or end result is reached