Freight Management Dictionary Thousands of Words, Terms, Definitions and Abbreviations Used in the Freight Management and Logistics Industry
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Freight management dictionary Thousands of words, terms, definitions and abbreviations used in the Freight management and Logistics industry. Contents 0-9 ................................................................................................................................................. 2 A ...................................................................................................................................................... 3 B ...................................................................................................................................................... 9 C .................................................................................................................................................... 16 D .................................................................................................................................................... 31 E .................................................................................................................................................... 38 F .................................................................................................................................................... 43 G .................................................................................................................................................... 49 H .................................................................................................................................................... 52 I ..................................................................................................................................................... 54 J ..................................................................................................................................................... 60 K .................................................................................................................................................... 61 L .................................................................................................................................................... 62 M ................................................................................................................................................... 67 N.................................................................................................................................................... 71 O.................................................................................................................................................... 73 P .................................................................................................................................................... 77 Q.................................................................................................................................................... 85 R .................................................................................................................................................... 87 S .................................................................................................................................................... 92 T .................................................................................................................................................. 103 U .................................................................................................................................................. 108 V/W ........................................................................................................................................... 110 X .................................................................................................................................................. 114 Y .................................................................................................................................................. 115 Z .................................................................................................................................................. 116 0-9 24/7 Around-the-clock access, every day of the week 3PL (Third-Party Logistics An organization that manages and executes a particular logistics Provider) function, using its own assets and resources, on behalf of another company. 4PL (Fourth-Party Logistics The term "4PL" was introduced into the supply chain to convey Provider) that deep informational technology skills and deeper analytical skills were required to achieve supply chain leadership. But the true evolution of the 4PL term is better defined in context of the global marketplace where outsourced logistics creates more of a partnership critical to success than a supplier/customer relationship. Companies in the global marketplace are finding that supply chain engineered logistics is not a commodity, and understand it is a vital means to boost their cost savings, enhancing their cash flow and improving servicing levels for getting their products to market. A A/C For account of A/M Above Mention A/N Above Noted A/or And/or A/P Account paid A/R All risks insurance A/S Aftersight A/S Alongside AA Always afloat AAR Against all risks ABC Activity Based Costing ABC-Classification The classification of inventory, after ABC analysis, into three basic groups for the purpose of stock control and planning. Active Inventory ABC-Analysis Analysis of an activity according to the so called 80/20-rule, i.e. that in every series of elements a small element is responsible for a large part of the effect (Pareto's principle). 80/20 is a description of a ratio that could just as well be 90/10 or 70/30. An ABC-analysis can be made of products, customers, suppliers and means a division of the studied activity into a number of groups, often 3: A, B and C. The criteria which are used for division into groups vary partly according to what is to be analysed, e.g. products, customers or suppliers, and partly according to what sort of activity is to be analysed. The sales volume is often used as a basis for such a division. The sales volume includes value, sales and contribution. However other division criteria that also can be used are, for example, customers' growth potential, the strategic importance of a product or supplier etc. Absorption Acceptance by the carrier of a portion of a joint rate or charge which is less than the amount which it would receive for the service in the absence of such joint rate or charge. AC Account current ACC Acceptance: accepted ACC. COP According to the custom of the port Acceptance of Goods The process of receiving a consignment from a consignor, usually against the issue of a receipt. As from this moment and on this place the carrier's responsibility for the consignment begins. ACEP See: Approved Continuous Examination Program Acknowledgement of receipt A notification relating to the receipt of e.g. goods, messages and documents. Active Inventory Covers raw material, work in progress, finished products that will be used or sold within a given period without extra cost or loss. This term does not cover the so-called reserve inventory. See also: cycle stock. Activity Based Costing (ABC) ABC seeks to relate all relevant revenue and costs to the value adding activities performed in the supply chain. Revenue and costs are applied to a relevant activity, independent of when and where they occur; they are not allocated to an organisational budget unit. Actual Demand Customers’ orders and often also the allocation of items, ingredients and/or raw materials to production or distribution. Actual Voyage Number A code for identification purposes of the voyage and vessel which actually transports the container/cargo. ACV Actual cash value AD (a/d) After date ad val. Ad valorem: according to value Added Value The value attributed to products and services as the result of a particular process (e.g. production process, storage, transport). Added Value Services Services which are often unique to a specific customer and which represent additional facets to the organisation's basic offer. Additional Costs Costs for a resource that is used (or procured) e.g. for a certain operation but which would not occur if there was no such operation. Aditional Ordering Costs Consist of the additional costs which occur when an order is placed for input into inventory, i.e. costs which would not have arisen if the order had not been placed. The additional ordering costs consist e.g. of tender invitations, order processing, telephone, postage and a fixed part of the transportation cost. The additional ordering costs of inventory replenishment orders within own production consist of administration costs for starting up the production, setup costs for setting up (engaging) the factory for the actual order, running-?in costs because of lower production rate and higher scrap, levels when starting up a batch production. Aditional Revenue Revenue received for a certain activity which one would not have been obtained if the activity had not been carried out. Additional Shipping Costs The additional cost for an extra shipment of goods. Add-on ...tariff (also proportional rate or arbitrary (in USA) ADP Automated data processing ADR European Agreement concerning the international carriage of dangerous goods by road Advance Arrangement An agreement between the shipper and the carrier, concerning contacts between those parties prior to tendering the consignment. Advance Notification of The notification to a receiving warehouse, of an