Vocabulary for Describing Logistics and Supply Chain Management

Here are some common terms used in logistics and supply chain management, along with their definitions:

• Logistics: The process of planning, implementing, and controlling the movement of goods, services, and information from the point of origin to the point of consumption.
• Supply Chain Management: The coordination and management of activities involved in the production and delivery of a product or service, from sourcing raw materials to delivering the final product to customers.
• Inventory Management: The process of overseeing and controlling the movement of goods and materials within a supply chain, including the storage and distribution of products.
• Warehouse Management: The process of overseeing and controlling the storage and distribution of goods within a warehouse.
• Transportation Management: The process of planning, coordinating, and executing the movement of goods and materials from one location to another.
• Distribution Center: A facility used for the storage and distribution of goods and materials within a supply chain.
• Freight Forwarder: A third-party logistics provider that arranges for the transportation of goods on behalf of its clients.
• Third-Party Logistics (3PL): The use of a third-party company to manage some or all of the logistics and supply chain functions for a business.
• Just-In-Time (JIT) Inventory: An inventory management strategy in which products are manufactured or delivered in small quantities as needed, rather than being stored in large quantities in advance.
• Lead Time: The amount of time it takes for a product to be manufactured or delivered from the time an order is placed.
• Reverse Logistics: The process of managing the return of goods and materials from the point of consumption back to the point of origin.