Inventory Control Quiz & Flashcards for Logistics

Definition: The process of overseeing and managing inventory levels to meet customer demand while minimizing costs.
Key Concepts:
- ABC Analysis: Categorizes inventory into three classes (A, B, C) based on importance and value.
- Just-In-Time (JIT): Inventory strategy that aligns production and inventory levels with demand.
- Economic Order Quantity (EOQ): Formula to determine the optimal order quantity that minimizes total inventory costs.
- Safety Stock: Extra inventory held to prevent stockouts due to demand variability.

Definition: The practice of improving the efficiency and effectiveness of a supply chain.
Key Concepts:
- Demand Forecasting: Predicting future customer demand to align inventory and production.
- Supply Chain Visibility: Real-time tracking of goods and information throughout the supply chain.
- Lean Principles: Techniques to eliminate waste and improve flow in the supply chain.
- Collaboration: Building partnerships with suppliers and customers for better communication and efficiency.

Definition: The planning, execution, and optimization of the movement of goods.
Key Concepts:
- Modes of Transportation: Road, rail, air, water, and intermodal transport.
- Freight Management: Managing the logistics of shipping goods, including cost analysis and route optimization.
- Carrier Selection: Choosing the right carriers based on cost, service, and reliability.
- Routing and Scheduling: Planning efficient routes and schedules to minimize delays and costs.

Definition: Tools and software used to enhance logistics operations and efficiency.
Key Concepts:
- Warehouse Management Systems (WMS): Software that manages warehouse operations, including inventory tracking and order fulfillment.
- Transportation Management Systems (TMS): Software that helps plan and execute logistics for transportation.
- Enterprise Resource Planning (ERP): Integrates all facets of an operation, including logistics, inventory, and finance.
- Internet of Things (IoT): Devices and sensors that provide real-time data for tracking and managing logistics activities.

Definition: The processes involved in storing, handling, and managing inventory within a warehouse.
Key Concepts:
- Layout Design: Strategic arrangement of warehouse space to optimize flow and efficiency.
- Receiving and Shipping: Processes for incoming and outgoing goods, including inspection and documentation.
- Order Picking: Methods for selecting items from inventory for fulfillment, including single order and batch picking.
- Inventory Management: Techniques for tracking and controlling inventory levels and locations within the warehouse.

Overseeing inventory levels to balance customer demand and cost efficiency is essential.
ABC Analysis categorizes inventory into three classes: Class A (high-value), Class B (moderate value), and Class C (low-value) items.
Just-In-Time (JIT) aligns inventory with actual demand, reducing holding costs and waste.
Economic Order Quantity (EOQ) helps determine the optimal order size by minimizing total inventory-related costs.
Safety Stock serves as a buffer against demand fluctuations and stockouts.

Focuses on enhancing the efficiency and effectiveness of supply chain operations.
Demand Forecasting is crucial for predicting future customer needs to inform inventory and production planning.
Supply Chain Visibility enables real-time tracking of products and information moving through the supply chain.
Lean Principles aim to eliminate waste and enhance processes within the supply chain framework.
Collaboration fosters partnerships with suppliers and customers, enhancing communication and operational efficiency.

Encompasses the planning, execution, and optimization of transporting goods.
Various Modes of Transportation include road, rail, air, water, and intermodal solutions, each suitable for different logistics needs.
Freight Management involves overseeing shipping logistics, cost analysis, and optimizing transport routes for efficiency.
Carrier Selection is critical, focusing on finding carriers that offer the best balance of cost, service quality, and reliability.
Routing and Scheduling strategies are employed to create efficient transport plans, reducing delays and overall logistics costs.

Refers to the tools and software that improve logistics operations and increase efficiency.
Warehouse Management Systems (WMS) optimize warehouse operations through inventory tracking, order fulfillment, and space utilization.
Transportation Management Systems (TMS) facilitate the planning and management of transportation logistics.
Enterprise Resource Planning (ERP) systems integrate various business operations, including logistics and finance, for streamlined workflows.
Internet of Things (IoT) employs connected devices and sensors for real-time data collection and management of logistics activities.

Involves processes related to the storage, handling, and management of inventory in a warehouse setting.
Layout Design of warehouses is crucial for creating an efficient flow of goods and maximizing space utilization.
Receiving and Shipping processes are standardized for inspecting and documenting incoming and outgoing products.
Order Picking techniques vary, including single order picking for individual orders and batch picking for efficiency in multiple order fulfillments.
Effective Inventory Management methods track and regulate inventory levels and locations within the warehouse to prevent shortages and overstocking.