Logistics Glossary
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Import
Movement of products from one country into another. The import of automobiles from Germany into the US is an example.
Inbound Logistics
Refers to the transportation and storage of incoming goods into your supply chain.
Indirect Cost
A resource or activity cost that cannot be directly traced to a final cost object since no direct or repeatable cause-and-effect relationship exists. An indirect cost uses an assignment or allocation to transfer cost.
Insurance
A system of protection against loss under which a number of parties agree to pay certain sums (premiums) for a guarantee that they will be compensated under certain conditions for specified loss and damage.
Integrated Logistics
A comprehensive, system-wide view of the entire supply chain as a single process, from raw materials supply through finished goods distribution. All functions that make up the supply chain are managed as a single entity rather than managing individual functions separately.
Inventory
Raw materials, work in process, finished goods, and supplies required for creation of a company’s goods and services. The number of units and/or value of the stock of goods held by a company.
Inventory Accuracy
When the on-hand quantity is equivalent to the perpetual balance (plus or minus the designated count tolerances).