Green LogisticsRefers to operations conducted within a regime where environmental pressures, such as road congestion, air pollution, fuel efficiency and waste minimisation are key determining factors in policy decisions. |
Gross Domestic Product (GDP)The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time. |
Gross MarginThe difference between price and cost divided by price. |
Gross ProfitProfit that a company makes after costs have been deducted from revenue |
Gross RequirementsTotal of independent and dependent demand for a components |
GroupIs two or more individuals, interacting and interdependent, who have a stable relationship, a common goal, and perceive themselves to be a group. |
Group / TeamA small, interdepended collection of people with a common identity who interact with one another, usually face-to-face over time, in order to reach a common goal |
Group DynamicsChanges that may occur in any part of the group and bring out actions and reactions in the group structure that affects group members. |
Group TechnologyAn engineering and manufacturing philosophy that identifies the physical similarity of parts with common routing and establishes their effective production. It provides for rapid retrieval of existing and facilitates a cellular layout |
GroupageThe process of reorganizing and grouping products to be managed collectively in the warehouse and during transportation |
GroupthinkIs a mode of thinking that occurs when the members’ strivings for unanimity override their motivation to realistically appraise the alternative courses of action. |
Growth StageThis stage is usually characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production or sales, the profit margins, as well as the overall amount of profit, will increase, and makes it possible for businesses to invest more money in the promotional activity to maximize the growth. |
HackingUnauthorized invasion into a computer or a network. |
Hard CopyA physical piece of paper with data on it |
Hard CurrencyHard Currency is the currency with value that can buy other currencies or goods. |
HazardousA situation involving exposure to danger |
HazardsAn item or action that is a danger or risk. A hazard is an agent which has the potential to cause harm to a vulnerable target. |
Hedging InventoryThis Inventory is created to protect against a possible future event or disruption in supply, such as a strike, a major vendor shutdown, a prospective trade or government program change, or similar situation |
HierarchiesRanking order of a business |
High Gearing(not so good) The situation where most of the "borrowing" comes from long term loans, usually bank loans with a monthly interest rate that must be paid every month with dire consequences if payments are missed. |
HinterlandThe hinterland is described as the inland area beyond the coastal region where goods are transported from to reach the sea port. It is also used to describe rural areas away from larger cities. |
Hire-purchase agreementAllows a company to buy an asset by paying off the cost on a monthly basis. |
HoistsTo raise or lift an item by means of ropes and pulleys |
HoneycombingIt's an empty space, caused by few items being stored. |
Horizontal IntegrationHorizontal integration involves any moves related to the same “level” of the chain as the organization making them. Integration could include merging with or purchasing firms that supply similar products, such as a central processing unit (CPU) manufacturer buying another in order to serve a larger swath of the CPU market. This type of relationship could help the firm gain many more customers, and give them greater control over the price and supply of CPUs. |
HousekeepingHousekeeping is a systematic process for reducing the risk of accidents and at the same time providing a clean and safe working environment |
Hub and SpokeA system used for transportation and distribution where there is a large central distribution centre where goods are stored and/or managed (hub) and smaller satellite centres (spoke) to which goods are transported for storage, cross-docking and/or repackaging before being delivered to consumers. |
Humanitarian LogisticsIn disaster relief is the efficient and effective management of humanitarian emergency assistance supplies from source to recipients. |
Hybrid Production MethodThe hybrid product strategy uses a combination of “pure” production strategies that will minimize the sum of all costs involved, provide the level of service required and meet the objectives of the financial and marketing plans |
HyperboleA literary device in which exaggeration is used deliberately for effect or emphasis (e.g. a flood of tears) |
IOISIs an integrated data processing and data communication system utilised by two or more separate organisations. |
ISO9001ISO 9001 is the international standard that specifies requirements for a quality management system (QMS). Organizations use the standard to demonstrate the ability to consistently provide products and services that meet customer and regulatory requirements |
IconicityIconicity as a poetic strategy is the use of signs to represent action/movement, and is often used in conjunction with repetition of parameters and rhythm |
IdiomA group of words/signs that, through usage, has taken on a special meaning different from the literal meaning (e.g. "keep your shirt on! Or "It’s raining cats and dogs") |
Imperfect competitionCompetition where products and services differ,
prices are not set solely by supply and demand, market share varies between
companies, and customers may not have all the information regarding product
availability and prices. |
Implicit MeaningIdeas and concepts that are present but stated indirectly |
Import TariffsImport tariffs are duties or taxes on products imported into a country. They are used to protect domestic firms against competition from imports |
ImportsGoods and services that are produced in one
country and brought to another. |
Improper FractionAn improper fraction is one in which the numerator is greater than, or equal to, the denominator. |
In-TransitItem is currently moving from one location to the next examples of transportation methods include plane, train, automobile, or ship |
IncomeMoney received, especially on a regular basis, for work or through investments. |
Income StatementAn income statement is a financial statement that reports a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. |
IncotermsIncoterms are a set of contractual conditions or terms that can be adopted into international contracts and which are designed to be understood and interpreted correctly on a worldwide basis. |
Incremental InnovationSlow and consistent enhancements to current products, ideas and services |
Independant DemandIt occurs by the request of customers for products, kit products, service parts. This demand also individually and independently happens for each item, and has no relationship with other items. |
Independent ClauseA clause that can form a complete sentence standing alone, having a subject and a predicate. |
Independent DemandThe demand for an item that is unrelated to the demand for other items. Demand for finished goods, parts required for destructive testing, and service parts requirements are examples of independent demand |
IndexAn alphabetical list of subjects covered in a book. It usually appears at the end of the book and identifies page numbers on which information about each subject [in the book] appears. An index (plural: usually indexes) is a list of words or phrases (‘headings’) and associated pointers (‘locators’) to where useful material relating to that heading can be found in a document |
Index CardsIndex card are small cards, about the size of a business card, which you can use to write down things to remember. They could be used in a presentation, or to remind yourself of daily affirmations, or anything that you want to remind yourself of. |
Indirect Distribution ChannelA distribution channel which makes use of more than one intermediary to move goods from the manufacturer to the customer. |
IndividualOf or for a particular person |
Individual EthicsPersonal standards and values that govern how individuals interact with other people |
IndivisibilityIs something that is incapable of being divided or separated into parts. |
InductionIs the process through which employees adjust or acclimatise to their new jobs and working environment. |
IndustriesA industry is a classification of a group of product or services that relate to each other. Industries are generally named after the main product or service used in the sector, for example the Automotive Industry or the Entertainment Industry. |
Industry AnalysisAssessment of the current state of an industry |
InferenceA conclusion drawn from evidence |
Inferential StatisticsUsed to draw conclusions and make predictions based on the descriptions of data. Key concepts used are probability, populations, and sampling |
Infinite LoadCalculation of the capacity required at work centres in the time period required regardless of the capacity available to perform the work |
InflationIncrease in value |
Influencea. The capacity or power of persons or things to be a compelling force on or produce effects on the actions, behaviour, opinions, etc., of others: He used family influence to get the contract. b. The action or process of producing effects on the actions, behaviour, opinions, etc., of another or others: Her mother's influence made her stay. c. A person or thing that exerts influence: He is an influence for the good”. |
Information ProcessingA general term for the process by which information is identified, understood, stored, organised, retrieved, combined and communicated to form new knowledge |
Information SiloAn information silo is an information management system that is unable to freely communicate with other information management systems. Communication within an information silo is always vertical, making it difficult or impossible for the system to work with unrelated systems. |
Information and Communication Technology (ICT)An extensional term for Information Technology (IT) that stresses the role of unified communications[1] and the integration of telecommunications (telephone lines and wireless signals) and computers, as well as necessary enterprise software, middleware, storage, and audiovisual systems, that enable users to access, store, transmit, and manipulate information. |
Informative AdvertisingCreates brand awareness and knowledge of new products or new features of existing products. |
InnovationThe process by which an organization generates creative new ideas and converts them into novel, useful and viable commercial products, services, and business practices. |
Innovation councilsIs a small cross-functional team of senior managers that oversee and direct innovation management activities across all business functions |
InputWhat is put in, taken in, or operated on by any process or system. |
InsolventUnable to pay debts owed. |
InsourcingIs where the business uses its own resources and people to accomplish a task rather outsourcing. |
InspectionInspection takes place when incoming goods are examined (inspected) for correct quantity and correctness of item. The goods inspection department performs this quality control. Inspection can be described as the process of
examining, measuring, testing, or gauging the characteristics of a product or a
service. By comparing the results of the
inspection with required specifications, one can determine whether conformity
is achieved for each characteristic. |
InsuranceAn arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium |
Intangible ProductA product that cannot be touched but represents a service which is offered, such as an insurance policy, bus tickets or cell phone airtime. These products are also considered consumer goods, although they are not all sold through a physical retail store. They can however be sold on-line and many retail stores do also offer an opportunity to purchase these products thorough a retail store. |
Intangible assetsAssets that are not physical, so they cannot be
seen, felt or touched. |
IntegersThe numerator and denominator are integers |
Integrated OperationsIntegrated operations refers to the integration of people, disciplines, organizations, work processes and information and communication technology to make smarter decisions. In short, IO is collaboration with focus on production. |
Inter-Branch TransferTransferring goods form one branch to another branch is called inter-branch transfer of goods. ... At the time of making entry for transferring branch, it should be treated as transfer to head office. |
InterestThe charge made for borrowing money, typically charged over a year. |
Interest Bearing InvestmentThis is an investment that earns interest examples include bonds and investment accounts |
IntermediaryAlso seen as a „middle man‟. Intermediary is a company or person (such as a broker or consultant) who acts as a mediator or a link between parties for a business deal, investment decision, negotiation, and so forth. |
IntermodalA term to denote that more than one mode of transport has been used to complete a journey, i.e. more than one of the following in a variety of different combinations; road, rail, air, water. |
Intermodal Transport Unit (ITU)A container or pallet suitable for multimodal transport |
Internal StakeholdersInternal Stakeholders are those parties, either individual or group, that participate in the running of the company They may influence and may be influenced by the success or failure of the business or its people, because they have a vested interest in the organisation |
Internal Supply ChainIs the portion of the supply chain which affects the business you are working for. This is where the primary responsibilities of the Warehouse Practitioner lie. It encompasses the interaction among the different functional units within each company in the supply chain |
International Air Transport Association (IATA)An IATA airport code, also known as an IATA location identifier, IATA station code, or simply a location identifier, is a three-letter geocode designating many airports and metropolitan areas around the world, defined by the International Air Transport Association (IATA). |
International Maritime Dangerous Goods Code (IMDG)Is accepted as an international guideline to the safe transportation or shipment of dangerous goods or hazardous materials by water |
International Maritime Organization (IMO)The International Maritime Organization is a specialised agency of the United Nations responsible for regulating shipping. |
International Standards Organisation (ISO)"Is an international standard-setting body composed of representatives from various national standards organizations. |
Interviewer BiasA type of bias that results when person being interviewed may not like the interviewer for various reasons. This most often occurs in personal interview surveys |
IntranetA local communications network for a business |
Intrepid Entrepreneurs CommunityIntrepid is the hub for motivated, creative visionary entrepreneurs who want to launch and continually grow as a passion drive founder. |
Intrinsic Forecasting MethodA forecast based on internal factors, such as the average of past sales |
Introduction StageThis is the most expensive stage for a company launching a new product. The initial size of the market for the product is usually small (not always, think of Apple launching a new iPhone), which means sales are low, although they will be increasing. |
InventoryInventory is defined as: 1. Those products that are used to feed the production line (with raw materials and work-in-process items), sustain business support activities (Maintenance, Repair, and Operating supplies), and fulfil customer demands (finished goods and spare parts). 2. Inventory demand may be classed as dependent or independent. 3. The functions of inventory are Decoupling (to make one process independent from the next); Cycling (in lot/batch sizes, to reduce set-up costs and gain process capacity); Anticipating (to stock-pile inventories in the low sales period for selling in the high sales period); Pipelining (managing Goods-in-Transit); and Buffering (helping to protect against unpredictable variations in demand or supply with safety stock) |
Inventory AccuracyThe level of reliability of the stock level |
Inventory LevelInventory level refers to the amount of inventory. |
Inventory PolicyThis policy outlines guidelines and accounting policies to ensure that inventory is properly controlled and costed, and losses or shortages are prevented. It applies to all inventory items, including raw materials/parts, work in progress, and finished goods and consigned inventory. |
Inventory Turnover RatioA calculation for determining a company’s inventory sold or replaced over a set period of time. The higher the rate the more profitable for the business |
Inventory TurnsIs a planning process which measures the rate at which inventory is used againts how much is purchased at a time. |
IronyA statement or situation that has underlying meaning different from its literal or surface meaning |