Quick Answer: What Are The Five Major Components Of Logistics?

What are the five pillars of procurement?

The Five Pillars are:Value for Money.

In short this means that it is not necessarily the tender with the lowest price that is going to win the bid.

Open and Effective Competition.

Ethics and Fair Dealing.

Accountability and Reporting.

Equity.Oct 31, 2019.

What are the major components of logistics?

There are five elements of logistics:Storage, warehousing and materials handling.Packaging and unitisation.Inventory.Transport.Information and control.

What are the 7 stages of procurement?

The 7 Key Steps of a Procurement ProcessStep 1 – Identify Goods or Services Needed. … Step 2 – Consider a List of Suppliers. … Step 3 – Negotiate Contract Terms with Selected Supplier. … Step 4 – Finalise the Purchase Order. … Step 5 – Receive Invoice and Process Payment. … Step 6 – Delivery and Audit of the Order. … Step 7 – Maintain Accurate Record of Invoices.Sep 17, 2019

What does Nigp stand for?

National Institute of Governmental Purchasing, IncAbout NIGP: The Institute for Public Procurement “NIGP” stands for the National Institute of Governmental Purchasing, Inc.

What are the 5 basic components of supply chain management?

The Top-level of this model has five different processes which are also known as components of Supply Chain Management – Plan, Source, Make, Deliver and Return.

What is the difference between logistics and supply chain management?

The basic difference between Logistics and Supply Chain Management is that Logistics management is the process of integration and maintenance (flow and storage) of goods in an organization whereas Supply Chain Management is the coordination and management (movement) of supply chains of an organization.

What is supply chain in simple words?

A supply chain is defined as the entire process of making and selling commercial goods, including every stage from the supply of materials and the manufacture of the goods through to their distribution and sale. Successfully managing supply chains is essential to any company hoping to compete.

What are the three types of logistics?

When referring to logistics flows, we are talking about the movement and direction of certain goods, parcels, packages, items, or information within a supply chain network.

What are primary logistics activities?

Logistics management activities typically include inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory control, supply/demand planning and management of third-party logistics services providers.

What are types of logistics?

There are six different types of logistics which needs to be studied in detail:Inbound Logistics.Outbound Logistics.Third Party Logistics.Fourth Party Logistics.Distribution Logistics.Reverse logistics.

What is the basic concept of logistics?

Logistics is the flow of goods. The essence of logistics is the flow that encompasses all of the steps and processes involved in delivering the goods of a company to consumers.

What are the 7 rights of logistics?

The Chartered Institute of Logistics & Transport UK (2019) defines them as: … Getting the Right product, in the Right quantity, in the Right condition, at the Right place, at the Right time, to the Right customer, at the Right price.

What are the four major functions of logistics?

The four functions of marketing logistics are product, price, place and promotion.

What are the basic principles of procurement?

Twelve agreed procurement principles:Accountability. … Competitive supply. … Consistency. … Effectiveness. … Efficiency. … Fair-dealing. … Integration. … Integrity.More items…

What is another word for logistics?

Logistics Synonyms – WordHippo Thesaurus….What is another word for logistics?engineeringorganisationUKcoordinationmanagementmastermindingplansorchestrationadministrationarrangementdirection42 more rows

What are the jobs in logistics?

Freight Forwarding.Supply Chain / Logistics / Transport / Warehousing.Trading / Manufacturing.Shipping Line / Agency.Courier / Distribution Services.Maritime.

What are the main functions of logistics?

Logistics activities or Functions of Logistics1) Order processing.2) Materials handling.3) Warehousing.4) Inventory control.5) Transportation.6) Packaging.Jan 6, 2021

What are the four 4 stages of supply chains?

There are four customary stages in a product’s life cycle: the introductory phase, the growth phase, the maturity phase and the decline phase. Each phase is markedly different and often requires different value chains. Supply managers need to craft supply strategies that reflect the unique needs of each phase.

What are the main elements of a supply chain?

The elements of a supply chain include all the functions that start with receiving an order to meeting the customer’s request. These functions include product development, marketing, operations, distribution networks, finance, and customer service.

What are the two types of logistics?

Logistics can be split into five types by field: procurement logistics, production logistics, sales logistics, recovery logistics, and recycling logistics. Each of these is explained in detail, but first we should learn about logistics fields and types.