An overview of logistics Economic impacts of logistics Economic utility (the value or usefulness of a product in fulfilling customer needs or wants) 4 general types: * Possession utility : the value or usefulness that comes from a customer being able to take possession of a product * Form utility : a product’s being in a form that can be used by the customer and is of value to the customer(allocation; smaller quantities that are desired by customers) * Place utility :having products
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Part A Question 1 The four primary logistic activities are: 1. Transportation A key logistics activity is to actually provide for the movement of materials and goods from point of origin to point of consumption‚ and perhaps to its ultimate point of disposal as well. Transportation involves selection of the mode (e.g.‚ air‚ rail‚ water‚ truck‚ or pipeline)‚ the routing of the shipment‚ assuring of compliance with regulations in the region of the country where shipment is occurring‚ and selection
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Philip Kotler‚” Logistics is defined as planning‚ implementing and controlling the physical flow of materials from the point of origin to the point of use‚ to meet customer needs at a profit.” Source Philip Kotler‚Marketing management pearson education According to American Marketing Association‚ logistics may be defined as‚ “the management of all activities which facilitates movement and the coordination of supply and demand in the creation of time and place utility in goods.” Source council
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-LOGİSTİCS- -Definition of Logistics: Logistics is the management of the flow of resources between the point of origin and the point of destination in order to meet some requirements‚ for example of customers or corporations.The resources managed in logistics can include physical items such as food‚ meterials‚ equipment‚liquids‚ and staff as well as abstract items such as information‚particles‚ and energy. The logistics of pyhsical items usually involves the integration of information flow
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Logistics is the process of strategically managing the procurement‚ movement and storage of materials‚ parts and finished inventory (and the related information flows) through the organization and its marketing channels in such a way that current and future profitability are maximized through the cost-effective fulfilment of orders. supply chain management The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost
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Logistics comprises a relatively large number of managerial activities. Discuss five of these activities and why they are important to logistics system. 1. Transportation Transportation is one of important activity in Supply Chain Management. It is the major connector of the upstream and downstream of a supply chain. It is that aspect of the supply chain that takes goods and services to the retail end. It is the major promoter of globalization and as such is one that is to be given high attention
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the company can justify a decision. The single most important analysis an HR professional can provide a CFO is a utility analysis for the Human Resource interventions he or she advocates. The major reason for great concern about utility analysis is that this technique ties human resource interventions to the measuring unit of the business world—dollar value. With the Brogden utility estimation equation one can avoid the laborious effect size indices developed by academic researchers and present
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I thank my school---Singapore Institute of Materials Management‚ I’m fortunate I can enter this school. He takes me enter new sector about logistics‚ make me deeply interest to logistics. Secondary‚ I would like to express my heartfelt gratitude to lectures who led me into the world of translation. I am also greatly indebted to the lectures at the logistics: Mr. Romeo N.Dumaguing‚ Mr. Dickson Lee‚ Mr. Max Mew‚ Mr. Henry Leong‚ Mr. Goh SK‚ Mr.`Yong SC who have instructed and helped me a lot in the
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UTILITY MAXIMIZATION We will examine the nature of consumer choices by working with a simple model in which the consumer DM chooses how to allocate their income M between two good X and Y. The kinds of choices we examine with this model can be quire general with X and Y varying from subjects as diverse as income versus leisure‚ consumption today versus consumption tomorrow‚ and different classes of consumption goods. The utility model has proven quire useful in a number of real world applications
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supply chain mgt‚ logistic is the work required to move and geographically position inventory. The supply chain mgt is driving the world’s major global companies. Ten years ago‚ the typical supply chain for manufacturing companies was domestic. Today-thanks to the migration of manufacturing to China and other lower-cost countries-it’s just as likely to be global. Since globalization supply chain management is a relatively new field‚ changes are taking place all of the time. Many of the changes
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