logistics, the process of planning and organizing to make sure that resources are in the places where they are needed, so that an activity or process happens effectively, reverse logistics, the process of dealing with goods that have been returned to the company by customers, supply chain, the system of people and things that are involved in getting a product from the place where it is made to the person who buys it, upstream end of the supply chain, the initial stages of production, focusing on sourcing raw materials, supplier management, and procuring components, downstream end of the supply chain, all post-production activities that move finished products from the manufacturer to the end consumer, focusing on distribution, marketing, and sales, first-tier suppliers, a company that provides parts and materials directly to a manufacturer of goods:, second-tier suppliers, a company that supplies materials or parts to another company that then supplies them to a manufacturer, procurement, the process of getting supplies:, agile, able to deal with new situations or changes quickly and successfully:, stock replenishment, the act of filling something up again by replacing what has been used, to replenish stock, to fill stock up again, a pull system, a system in which a company decides on the number of products to produce according to the requests of their customers:, a push system, a system in which a company produces more products than customers have requested in order to have enough available if demand increases :, vertical integration, a process in business where a company buys another company that supplies it with goods or that buys goods from it in order to control all the processes of production, horizontal integration, a situation in which a company buys another company that has the same activities, a spike in demand, a sudden increase in demand, to fulfil an order, to complete an order, Manufacturing Resource Planning (MRP), computer-based system designed to plan and manage all manufacturing resources—materials, labor, machinery, and finance—to optimize production, reduce inventory, and meet demand., quick-response logistics, a supply chain strategy focused on rapidly responding to customer demand by minimizing the time between order placement and delivery, air freight, goods, but not passengers, that are carried from one place to another by aircraft, or the system of transporting these goods, proximity, the state of being near in space or time, scarcity, a situation in which something is not easy to find or get:, turnover, the rate at which a store sells and replaces its stock, labour-intensive, Industries and methods that need a lot of workers, a warehouse, a large building for storing things before they are sold, used, or sent out to shops, a buffer stock, a large supply of a commodity (= a crop, metal, fuel, etc.) that is bought and stored when extra is available, and sold when there is not enough, in order to control its price and quantity in the economy, single-sourcing, a situation where a business buys all its supplies of a particular type of materials, parts, etc. from one company, multi-sourcing, a situation where a business buys its supplies of a particular type of materials, parts, etc. from many companies.

Logistics_Definitions

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