General Agreement on Tariffs and Trade GATT for short A multilateral trade

General agreement on tariffs and trade gatt for short

This preview shows page 49 - 51 out of 51 pages.

General Agreement on Tariffs and Trade : GATT for short. A multilateral trade agreement aimed at expanding international trade as a means of raising world welfare. General-commodities carrier : A common motor carrier that has operating authority to transport general commodities, or all commodities not listed as special ones. Lead time : the time interval from order placing to order arrival. Load factor : a measure of operating efficiency used by air carriers to determine a plane’s utilized capacity percentage or the number of passengers over the total number of seats. Log book : a daily record of the hours an interstate driver spends driving, off duty, sleeping in the birth, or on duty but not driving. Lot size : the quantity of goods a company purchases or produces in anticipation of future use or sale. Line-haul shipment : a shipment that moves between cities and over distances more than 100 to 150 miles in length. Inventory in-transit : inventory that has been ordered, but has not arrived at the warehouse yet. Inventory position : current in-stock inventory plus inventory in-order; (s, S) policy : an inventory management policy in which a replenishment order is placed whenever the inventory position falls below a threshold level s to make the inventory position back up to S . Re-order point : a threshold inventory point at which a replenishment order is placed. Marginal cost : the cost of producing one additional unit of product. Order cycle : The time from an order is received to its actual delivery. Another definition from the order fulfiller’s perspective is the time from order received to order assembled. Order Processing : The activities associated with filling customer orders. Order Cost : The cost of placing an inventory order with a supplier. Outsource : Getting a third party to provide a function that was historically performed in house. 4 Many of the terms are based on Speaking the Language of Freight and Logistics by Wilbur Smith Associates published in 2007.
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Logistics Training Course for the Public Sector Freight Planners. Do not Distribute without Permission. National Center for Freight and Infrastructure Research and Education ( C FIRE) University of Wisconsin – Madison. Instructor: Bruce X. Wang and Ernie Wittwer. - 50 - Pallet : A platform device used for moving and storing goods. A forklift truck is used to lift and move the loaded pallet. It is an efficient means to handle goods movement. Safety stock : stock that is constantly carried to prevent from stockout due to unexpected spike of demand. Economic lot size model : Also called EOQ model as introduced in the text. It decides the order quantity for inventory replenishment. Continuous review policy : An inventory management policy which assumes a capability of continuous review of inventory position.
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  • Supply Chain Management, The Land, National Center for Freight and Infrastructure Research and Education, Public Sector Freight Planners, Bruce X. Wang, Public Sector Freight, Sector Freight Planners

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