LOGT 4231 Week 2 Notes (Aug 23-25, 2016)
LOGT 4231 Week 2 Notes (Aug 23-25, 2016) LOGT 4231
Popular in Logistics and Intermodal Transportation Operations
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This 3 page Class Notes was uploaded by Tavish Smith on Wednesday August 31, 2016. The Class Notes belongs to LOGT 4231 at Georgia Southern University taught by Dr. Kwabena Boakye in Fall 2016. Since its upload, it has received 15 views. For similar materials see Logistics and Intermodal Transportation Operations in Logistics at Georgia Southern University.
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Date Created: 08/31/16
Chapter 1: What is Logistics? 1.3 Introduction 1. Logistics management: the pat of supply chain management that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services and related information between the point of origin and the point of consumption in order to meet customers’ requirements 2. Seven rights of logistics: effective logistics management is about getting the right product to the right customer, at the right time, in the right condition, in the right quantity, at the right place and for the right cost 1.4 How Logistics Adds Value 1. Utility: perceived value 2. Possession Utility: created by marketing when… a. Translates customer needs into products and service requirements b. Promotes the resulting product’s value c. Facilitates exchange so the customer may “possess” it 3. Form Utility: the primary responsibility of purchasing and operations managers who acquire inputs and transform them into products or services of greater customer value 4. Time utility: occurs when a product arrives when it is needed 5. Place utility: involves delivering an item exactly where it is needed 6. Quantity utility: focuses on delivering customers the right amount of product 7. Logistics creates value through movement, storage, and processing 8. Supply chain management: encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management coordination and collaboration with channel partners, which can be suppliers, intermediaries, third party service providers, and customers. (Integrates supply and demand management within and across companies) 9. Processing: deals with the flow of information and the visibility of shipments during movement and storage 10. Because product returns are typically much higher with online sales than with in-store sales, online retailers should: a. Understand why customers return products and develop strategies for reducing the number of returns 11. Value can only be assessed from the standpoint of _____________? a. The eyes of the consumer 1.5 Logistics and the Economy 12. Gross Domestic Product (GDP): the monetary value of all the finished goods and services produced within a country, generally calculated on an annual basis 13. Infrastructure: the processes, equipment, people, and flow that support a particular industry or activity 14. Lean practices: eliminating all processes, steps, and materials that do not add value 15. In India, improved logistics has… a. Raised the standard of living for rural farmers 16. The amount of money that is spent on logistics in the U.S. economy in dollar terms… a. Has increased over time 17. More developed economies… a. Spend less on logistics costs because their logistics systems are more efficient 18. In the 1980s, the largest category of logistics spend was… a. Inventory carrying cost 19. The largest category of spending within logistics costs in the U.S. today is… a. Trucking cost 1.6 Types of Logistics 20. Event logistics: the resources (facilities, people, and infrastructures) used to organize, deliver and execute an event from initial schedule through teardown and clean up 21. Passenger logistics: moving people 22. Military logistics: moving groups of people and supplies, setting up camps, replenishing supplies and people, and breaking camp down again and moving it out 23. Service logistics: all the people, facilities and supplies in place to effectively deliver services to customers 24. Humanitarian logistics: planning the effective flow and storage of goods as well as the exchange of information to alleviate the suffering of people 25. Many of the key logistics principles we discuss are applicable to all of the various types of logistics 1.7 Tools: Tradeoff Analysis 26. Tradeoffs: giving up something in order to get something else. In logistics we often have the option of paying more to get product moved faster. 27. Product density: the weight density of a product refers to how much space a product takes up versus how much it weighs. Dense products weigh a lot for their size. 28. Cube: the amount of space that a product uses 29. Cube out: a product that fills out the trailer in terms of space before it hits the imposed weight limit for the trailer 30. Weigh out: a product that is heavy versus its size, so the truck is filled in terms of weight before the space is full 31. Because of government regulations, a standardized trailer can weigh up to no more than 40,000 lbs. What type of tradeoff does this regulation affect? a. Logistics vs. Weight Density 32. When considering logistics tradeoffs and what type of service level to emphasize, your company should consider which of the following? a. What are the most important service characteristics to its customers 33. Which of the following is true regarding how a product’s value influences logistics costs? a. Inventory costs go up because more valuable products tie up more cash 34. When considering product fragility, which of the following is NOT true? a. As fragility increases, so does pilferage cost 35. Which of the following is true regarding the tradeoff between transportation costs and service? a. As the money we spend on transportation goes up, our cost of lost sales generally goes down.
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