L
Laid-Down
cost: The sum of the product and
transportation costs. The laid-down cost is useful in comparing the total cost
of a product shipped from different supply sources to a customer's point of
use.
Land
bridge: The movement of containers by
ship-rail-ship on Japan-to-Europe moves; ships move containers to the U.S.
Pacific Coast, rails move containers to an East Coast port, and ships deliver
containers to Europe.
Landed
Cost: Cost of product plus relevant
logistics costs, such as transportation, warehousing, handling, etc. Also
called Total Landed Cost of Net Landed Costs.
Lash
Barges: Covered barges that carriers load
on board oceangoing ships for movement to foreign destinations.
LASH
Vessel: A ship measuring at least 820 feet
long with a deck crane able to load and unload barges through a stern section
that projects over the water. The acronym LASH stands for Lighter (barge)
Aboard Ship.
Last In First Out (LIFO):
In inventory control and financial accounting, this refers to the practice of
using stock from inventory on the basis of what was received last is consumed
first. This has limited use in stock keeping and is primarily a cost-accounting
method.
Last
Updated: A date and time stamp that is
recorded when a field or record was last modified by the user.
Lead Logistics Provider (LLP): An organization that organizes other third party logistics
partners for outsourcing of logistics functions. Also see: Fourth Party Logistics.
Lead
Time: The total time that elapses between
an order's placement and its receipt. It includes the time required for order
transmittal, order processing, order preparation, and transit.
Leg: A leg has an origin, destination, and carrier and is
composed of all consecutive segments of a route booked through the same
carrier. Also called Bookable Leg.
Less-Than-Containerload (LCL): A term used when goods do not completely occupy an entire
container. When many shipper's goods occupy a single container, each shipper's
shipment is considered to be LCL.
Less-Than-Truckload (LTL) Carriers: Trucking companies that consolidate and transport smaller
(less than truckload) shipments of freight utilizing a network of terminals and
relay points.
Less-Than-Truckload (LTL):
Trucking companies that consolidate and transport smaller (less than truckload)
shipments of freight by utilizing a network of terminals and relay points.
Letter of Credit (LOC):
A method of payment for goods in which the buyer established his credit with a
local bank, clearly describing the goods to be purchased, the price, the
documentation required, and a time limit for completion of the transaction.
Upon receipt of documentation, the bank is either paid by the buyer or takes
title to the goods themselves and proceeds to transfer funds to the seller.
Life
Cycle Cost: In cost account, a product's life
cycle is the period that starts with the initial product conceptualization and
ends with the withdrawal of the product from the marketplace and final
disposition. A product life cycle is characterized by certain defined stages,
including research, development, introduction, maturity, decline, and
abandonment. Life cycle cost is the accumulated costs incurred by a product
during these stages.
Lift on, Lift off (LO/LO): A method by which cargo is loaded onto and unloaded from an
ocean vessel, which in this case is with a crane.
Lighter: A barge-type vessel used to carry cargo between shore and
cargo ship. While the terms barge and lighter are used interchangeably, a barge
usually refers to a vessel used for a long haul, while a lighter is used for a
short haul.
Line
Functions: The decision-making areas companies
associate with daily operations. Logistics line functions include traffic
management, inventory control, order processing, warehousing, and packaging.
Line-Haul
Shipment: A shipment that moves between
cities and over distances more than 100 to 150 miles in length.
Link: The transportation method a company uses to connect nodes
(plants, warehouses) in a logistics system.
Linked Distributed Systems: Independent computer systems owned by independent
organizations linked in a manner to allow direct updates to be made to one
system by another. For example, a customer's computer system is linked to a
supplier's system and the customer can create orders or releases directly in
the supplier's system.
Live: A situation in which the equipment operator stays with the
trailer or boxcar while it is being loaded or unloaded.
Local Area Network (LAN): A data communications network spanning a limited
geographical area, usually a few miles at most, providing communications
between computers and peripheral
devices.
Load
Factor: A measure of operating efficiency
used by air carriers to determine a plane's utilized capacity percentage or the
number of passengers divided by the total number of seats.
Load Tender (Pick-Up Request): An offer of cargo for transport by a shipper. Load tender
terminology is primarily used in the motor industry.
Load Tendering: The practice of providing a carrier with detailed information and negotiated pricing (the tender) prior to scheduling pickup. This practice can help assure contract compliance and facilitate automated payments (self billing).
Loading
Allowance: A reduced rate that carriers offer
to shippers and/or consignees who load and/or unload LTL or Any Quantity
shipments.
Loading
Port: The port where the cargo is loaded
onto the exporting vessel. This port must be reported on the Shipper's Export
Declaration, Schedule D. Schedule D is used by U.S. companies when exporting to
determine which tariff is used to freight rate the cargo for carriers with more
than one tariff.
Local Service Carriers:
A classification of air carriers that operate between less-populated areas and
major population centers. These carriers feed passengers into the major cities
to connect with major carriers. Local service carriers are now classified as
national carriers.
Locational Determinant:
The factors that determine a facility's location. For industrial facilities,
the determinants include logistics.
Logbook: A daily record of the hours an interstate driver spends
driving, off duty, sleeping in the berth, or on duty but not driving.
Logistics: The process of planning, implementing, and controlling
procedures for the efficient and effective storage of goods, services, and
related information from the point of origin to the point of consumption for
the purpose of conforming to customer requirements. This definition includes
inbound, outbound, internal, and external movements.
Also see the Council of Supply Chain
Management Professional’s definition of Logistics.
Logistics
Channel: The network of supply chain
participants engaged in storage, handling, transfer, transportation, and
communications functions that contribute to the efficient flow of goods.
Logistics
Costs: The factors associated with the
acquisition, storage, movement, and disposition of goods.
Logistics Data Interchange (LDI): A computerized system that electronically transmits
logistics information.
Logistics Management as defined by the Council of Supply
Chain Management Professionals (CSCMP):
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. Logistics
management activities typically include inbound and outbound transportation
management, fleet management, warehousing, materials handling, order
fulfillment, logistics network design, inventory management, supply/demand
planning and management of third party logistics services providers. To varying
degrees, the logistics function also includes sourcing and procurement,
production planning and scheduling, packaging and assembly, and customer
service. It is involved in all levels of planning and execution - strategic,
operational, and tactical. Logistics management is an integrating function
which coordinates and optimizes all logistics activities with other functions,
including marketing, sales, manufacturing, finance, and information technology.
Lot
Control: A set of procedures (e.g.,
assigning unique batch numbers and tracing each batch) used to maintain lot
integrity from raw materials, from the supplier through manufacturing to
consumers.
Lot
Size: The quantity of goods a company
purchases or produces in anticipation of use or sale in the future.
LTL shipment: A less-than-truckload shipment, one weighing less than the
minimum weight a company needs to use the lower truckload rate.
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