Chapter 9 Vocabulary
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Created by:
NeilKelty Plus on November 5, 2010
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10 terms
Terms | Definitions |
|---|---|
 Logistics | the art and science of obtaining, producing, and distributing material and product in the proper place and in the proper quantities. |
| International logistics | All functions concerned with the movement of materials and finished goods on a global scale. |
| Third-party logistics company | A company that manages all or part of another company's product delivery operations. |
| Cross-docking | An approach used in consolidation warehouses where rather than making larger shipments, large shipments are broken down into small shipments for local delivery in an area. |
| Hub-and-spoke systems | Systems that combine the idea of consolidation and that of cross-docking. |
| Free trade zone | A closed facility (under the supervision of government customs officials) into which foreign goods can be brought without being subject to the payment of normal import duties. |
| Trading bloc | A group of countries that agree on a set of special arrangements governing the trading of goods between member countries. |
| Factor-rating system | An approach for selecting a facility location by combining a diverse set of factors. |
| Transportation method | A special linear programming method that is useful for solving problems involving transporting products from several sources to several destinations. |
| Centroid method | A technique for locating single facilities that considers the existing facilities, the distances between them, and the volumes of goods to be shipped. |
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