M L 3380 Logistics Management Final Exam Review Sheet Review sheet is focused on textbook material only This is only to help focus your studying not a promise of content Make sure to also review study all slide decks Chapter 1 An Overview of Logistics Various types of utility and how they relate to logistics o Economic Utility Value or usefulness of a product in fulfilling customer needs or wants o Possession Utility Value or usefulness that comes from a customer being able to take possession of a product Can be influenced by the payment terms associated with a product o Form Utility product s being in a form that can be sued by the customer and is of value to the customer Allocation o Play Utility having products available where they are needed by customers products are moved from points of lesser value to points of greater value o Time Utility having products available when they are needed by customers CSCMP Council of Supply Chain Management Professionals definition of logistics o Logistics management is that part of Supply Chain Management that plans implements and controls the efficient effective forward and reverse flow and storage of goods services and related information between the point of origin and the point of consumption in order to meet customers requirements Key reasons why logistics has gained importance o Since 1980 has been gaining importance o A Reduction in Economic Regulation o Changes in Consumer Behavior Deregulation relaxed government control of carriers rates and fares entry and exit mergers and acquisitions and more These controls were particularly onerous in the US transportation industry in the sense that price competition was essentially nonexistent and customers were pretty much forced to accept whatever service the carriers chose to provide Created flexibility that gave more options for logistics managers Market demassificiation suggests that in contrast to mass markets an ever increasing number of market segments leads to distinct preferences Changing Family Roles more women working means extended hours for stores to meet time needs Rising Customer Expectations customer expectations tend to increase through time those that met expectations 30 years ago wouldn t meet today s o Technological Advances Computer hardware and software in the sense that management of logistics involves a tremendous amount of data Purchasing procurement and transportation Disintermediation removal of intermediaries between producer and consumer Systems approach with respect to corporate functions Total cost approach How does logistics interact with other functional areas Review the typical activities in the logistics channel Chapter 5 The Supply Chain Management Concept CSCMP definition of supply chain and supply chain management Understand the SCOR GSCF and APQC models What attributes are affecting supply chain management implementation What barriers are there to supply chain management implementation Chapter 6 Procurement What are the objectives of procurement Figure 6 1 supplier selection process Quality issues in procurement Socially responsible procurement Chapter 7 Demand Management Order Management and Customer Service Basic forecasting models Definitions of demand management order management and customer service Understand the steps in an order fulfillment process How do we measure customer service Customer profitability analysis Chapter 8 Inventory Management Inventory classifications Carrying costs ordering costs and their trade off Stockout costs When should a company order How much should the company order ABC analysis Vendor Managed Inventory VMI Chapter 9 Distribution Center Warehouse and Plant Location Strategic importance of facility location Determining the number of facilities Factors influencing facility location Free trade zones Finding the low cost location Facility relocation and closing Chapter 10 Warehousing Management Functions of warehousing Public private contract and multiclient warehousing Design considerations in warehousing Warehousing operations Chapter 12 Transportation Comparison of modes LTL vs TL traffic Intermodal transportation Different types of transportation specialists and the services they can provide Transportation regulation Legal classifications of carriers Chapter 13 Transportation Management Terms of sale on page 247 Rate determination Modal and carrier selection Demurrage and detention Routing Bill of lading Freight bill Consolidating small shipments Tracing and expediting Chapter 2 Logistics and Information Technology Figure 2 1 General types of information management systems and logistics examples Understand the technologies of EDI RFID TMS WMS and ERP How has the internet influenced logistics Chapter 14 International Logistics International documentation Terms of Sale EXW FCA FAS FOB CFR CPT CIF CIP DES DEQ DAF DDP and DDU Macro environmental influences on international logistics Methods of Payment Different types of international trade specialists and the services they can provide Transportation considerations in international logistics Logistics Performance Index LPI Speakers Abercrombie Fitch 4 1 billion dollars in revenue last year HQ in New Albany Growth in International Area Hollister in 14 different countries o Mall based stores A F in 12 different countries Right Product Right Place Right Time Max profitability and sell thru Depends on store experience no advertisement Make sure there is enough units in each product in each store to make sure displays look correct Forecasting Number one things that Inventory Management Does o Trend o Color and size selling o Price Point Strategy o Use history Different locations have different price points History of US is not same as International Missed sales o Day in the Life of an INventory Manager Planning Re trended plan Additional inventory Merchandising Deliver additional inventory Chase trend Brand Senses Immpact on sales floor Identify solution Distribution Center Prioritize replenishment Delivery of replacement