A
ABC ANALYSIS
Methodology used to classify the items
purchased or sold by a company. The ABC analysis is an application of the Pareto
Principle (or 20/80 rule) according to which 20% of the items account for 80%
of the global value or turnover of an enterprise.
ACCESSIBILITY
Whole of possibilities to access a transportation network.
ACCOMPANIED COMBINED TRANSPORT Transport of a complete road vehicle,
accompanied by the driver, using another mode of transport (for example ferry
or train).
ACTIVITY BASED COSTING (ABC) A method of measuring the cost and performance
of activities and cost objects. Assigns cost to activities based on their use
of resources and assigns cost to cost objects based on their use of activities.
ABC recognizes the causal relationship of cost drivers to activities
.
ADVANCED PLANNING & SCHEDULING (APS). A subcomponent of supply chain planning,
typically contextually describing manufacturing planning and scheduling.
AIR CARGO
Total volume of freight, mail and express
traffic transported by air. Includes the following: Freight and Express-commodities
of all kinds, includes small package counter services, express services and
priority reserved freight.
AIR CONTAINER
Container conforming to standards laid
down for air transportation.
AIRPORT
1) An area of land or water that is used or intended to be used for the landing
and takeoff of aircraft, and includes its buildings and facilities, if any;
2) Facility used primarily by conventional, fixed-wing aircraft; 3) A facility,
either on land or water, where aircraft can take off and land. Usually consists
of hard-surfaced landing strips, a control tower, hangars and accommodations
for passengers and cargo; 4) A landing area regularly used by aircraft for receiving
discharging passengers or cargo.
AIRTRUCK
Road transport of air unitised cargoes from an airoport to another one.
AIR WAY BILL (A.W.B.)
Shipping document used by the airlines
for air freight. It is a contract for carriage that includes carrier conditions
of carriage including such items as limits of liability and claims procedures.
The air waybill also contains shipping instructions to airline, a description
of the commodity, and applicable transportation charges. Air waybills can be
used by many truckers as through documents for coordinated air/truck service.
Air waybills are not negotiable. The airline industry has adopted a standard
formatted air waybill that accommodates both domestic and international traffic.
The standard document was designed to enhance the application of modern computerized
systems to air freight processing for both the carrier and the shipper.
ALGORITHM
A procedure or formula for solving a problem.
The word derives from the name of the mathematician, Mohammed ibn-Musa al-Khwarizmi,
who was part of the royal court in Baghdad and who lived from about 780 to 850.
Al-Khwarizmi's work is the likely source for the word algebra as well.
ALLOCATING COSTS
The process of assigning costs to individual
products, processes and departments.
ALLOCATIVE EFFICIENCY The situation in which all the resources
in an economy are fully and efficiently employed.
ANCHORAGE DUES
Rights of anchorage.
ANNUAL
CAPITAL COST
An equal, or uniform, payment made over
the useful life of a project, which has the same present value as the initial
investment expenditure. The annual capital cost of an asset essentially reflects
the opportunity cost to the investor of owning the asset.
APPLICATION SERVICE PROVIDER (ASP) An application service provider (ASP)
is a company that offers individuals or enterprises access over the Internet
to applications and related services that would otherwise have to be located
in their own personal or enterprise computers.
APPRAISAL
The process of defining objectives, examining
options and weighing up the costs and benefits and risks and uncertainties before
a decision is made.
APPROVAL
The process through which a project is
recommended for support.
ARTICULATED TRUCK
A vehicle consisting of a prime mover
having no significant load carrying area but with a turn-table device which
can be linked to a trailer.
ASSEMBLE TO ORDER (ATO) A manufacturing environment where the
final product is assembled based on the receipt of a customer order (instead
of to stock). The assembly is normally performed using standard components,
modules and subassemblies that are already stocked based on forecasts developed
from past usage history. An ATO environment allows each customer order to specify
a custom combination of previously-defined standard options.
ATA
Air Transport Association of America.
AUCTION
A method of selling real estate or personal property in a public forum through
open and competitive bidding. Also referred to as: public auction, auction sale
or sale.
AUTOPORT
Terminal infrastructure for road transport.
AVERAGE COST
The total cost of supplying a given output,
divided by the number of units of output delivered in a given period of time.
Where there are multiple outputs, the issue of adding them up has to be addressed
(see joint costs).
AVOIDED COSTS
The value of any savings in labour, energy
or materials inputs, relative to the base case, resulting from operating the
project.
AVERAGE DISTANCE
Average kilometric value turning out by
the ratio of Passengers-km (or Tons-km) to number of passengers (or tons) transported.
B
B/N
Maritime transport booking note.
BACK-END SYSTEMS
Legacy enterprise systems that handle
order processing, inventory, and receivables management for both buyers and
suppliers. To deploy a digital trading platform, companies must often integrate
new technologies with these older systems, which can include mainframe or ERP
applications.
BACKHAUL
Return transportation movement, usually
at less revenue than the original move; to move a shipment back over part of
a route already travelled.
BALANCE
The amount of money (or the size of the
deficit) in an account at a particular time; an amount of money remaining to
be paid.
BALANCE OF TRADE
The difference between a country's total
imports and exports; if the exports exceed the imports, a "favorable" balance
of trade exists.
BALANCED SCORECARD
A Balanced Scorecard is a method of measuring
and managing business performance giving a balanced view of financial and operational
perspectives to accelerate the management process.
BALANCE OF PAYMENTS
The difference between what a country
pays for its imports and receives for its exports.
BALANCE OF TRADE
The difference between the money values
of a country's visible imports and exports.
BALANCE SHEET
Financial statement which shows a company's
financial condition (amount of debits and credits) on the last day of an accounting
period.
BAR CODE
A combination of parallel lines of bars
and spaces that communicate data about the product or shipping container to
which it is affixed. The data elements can be read by an electronic scanner.
BASE YEAR
In the context of processing time-dependent
data such as costs or emissions, the base year is the year selected for assembly
of the raw input data. The base year may also serve as the year from which projections
of the base case are made.
BASKET
WAGON
A rail wagon with a demountable sub-frame,
fitted with devices for vertical handling, to allow the loading and unloading
of semi-trailers or road vehicles.
BEAM
The width of a ship.
BELT LINE
A switching railroad operating within
a port or other commercial area.
BENCHMARKING
The benchmarking process measures a company's current operation profile against
other companies with similar operations that are considered to be “best-in-class.”
BERTH
A place in which a vessel is moored or
secured; place alongside a quay where a ship loads or discharges cargo.
BERTHAGE
Charges for the use of a berth.
BERTH TERM
Shipped under a rate that does not include
the cost of loading or unloading.
BILL OF EXCHANGE
A written order instructing someone (usually
an importer) to pay someone else (usually an exporter) a certain sum on a given
date.
BILL OF LADING
A document by which the Master of a ship
acknowledges having received in good order and condition (or the reverse) certain
specified goods consigned to him by some particular shipper, and binds himself
to deliver them in similar condition, unless the perils of the sea, fire or
enemies prevent him, to the consignees of the shippers at the point of destination
on their paying him the stipulated freight. A bill of lading specifies the name
of the master, the port and destination of the ship, the goods, the consignee,
and the rate of freight.
BILL OF MATERIAL
A listing of all the subassemblies, parts
and raw materials that go into the parent assembly. It shows the quantity of
each raw material required to make the assembly.
BIMODAL SEMI-TRAILER (RAIL-ROAD) A road semi-trailer that can be converted
into a rail wagon by the addition of rail bogies.
BONDED
WAREHOUSE
Port of a vessel’s initial customs entry
to any country; also known as first port of call.
BOND
PORT
Port of a vessel’s initial customs entry
to any country; also known as first port of call.
BREAK BULK
Loose, non-containerised cargo stowed
directly into a ship’s hold; to unload and distribute a portion or all of the
contents of a container.
BREAK
EVEN POINT
Production or sales volume at which a
company covers its costs.
BROKER
A person who arranges for transportation
of loads for a percentage of the revenue from the load.
BUDGET
A financial operating plan showing expected
income and expenditure.
BUFFER STOCK
A quantity of goods or articles kept in
storage to safeguard against unforeseen shortages or demands.
BUILD-OPERATE-TRANSFERT (BOT) A form of concession wherein a private
party or consortium agrees to finance, construct, operate, and maintain a facility
for a specified period and then transfer the facility to a government or other
public authority. The concessionaire bears the commercial risk of operating
the facility.
BUILD-OWN-OPERATE (BOO)
A form of project wherein a private party
or consortium agrees to finance, construct, operate, and maintain a facility
previously owned and/or operated by a public authority. The concessionaire retains
ownership of the facility. The concessionaire bears the commercial risk of operating
the facility.
BULK
CARRIER
Ship designed with a single deck and holds
for the bulk carriage of loose dry cargo of a homogenous nature. BULK
TERMINAL
A purpose-designed berth or mooring for
handling liquid or dry commodities, in unpackaged bulk form, such as oil, grain,
ore, and coal. Bulk terminals typically are installed with specialized cargo
handling equipment such as pipelines, conveyors, pneumatic evacuators, cranes
with clamshell grabs, and rail lines to accommodate cargo handling operations
with ships or barges. Commodity-specific storage facilities such as grain silos,
petroleum storage tanks, and coal stock yards are also located at these terminals.
BULK
VESSEL
All vessels designed to carry bulk cargo
such as grain, fertilizers, ore, and oil.
BUNKERS
Fuel used aboard ships.
BUSINESS LOGISTICS Process of planning, implementing and
controlling the efficient and cost-effective flow and storage of raw materials,
in-process inventory, finished goods and related information from the point
of origin to the point of consumption, for the purpose of conforming to customer
requirements (Council of Logistics Management's definition). Therefore logistics
includes the area both of material management and physical distribution.
BUSINESS PROCESS OUTSOURCING (BPO)
It is the procurement of particular services
that involve ongoing outsourcing of specific business processes. In certain
industries, design, manufacturing, inspection, and logistics may be outsourced.
More recently, BPO has come to include internal, “back-office” functions such
as internal audit, finance, billing, accounting and other operations support.
BPO “front office” functions may include customer relationship management, with
sales, call centres and fulfilment services.
BUSINESS PROCESS RE-ENGINEERING (BPR) A systematic, disciplined improvement
approach that critically examines, rethinks, and redesigns, and implements the
redesigned mission-delivery pro-cesses to achieve dramatic improvements in performance
in areas important to customers and other stakeholders. BPR is also referred
to by such terms as business process improvement (BPI) or business process development,
and business process redesign.
BUSINESS TO BUSINESS (B2B) A business conducting e-commerce with
another business or businesses.
BUSINESS TO CONSUMER (B2C) A business conducting e-commerce with
a consumer or consumers.
C
CABOTAGE
Transport between two terminals (a terminal
of loading/embarkment and a terminal of unloading/disembarkment) located in
the same country irrespective of the country in which the mode providing the
service is registered.
CAPITAL COSTS
Capital costs comprise the consumption
of fixed capital and interest payments, and usually represent a high proportion
of infrastructure costs. They differ from annual capital expenditure that may
or may not cover all the capital costs. If annual expenditure is less, then
the quality of the transport assets will deteriorate.
CAPITALISM
Economic system based on the private ownership
of the means of production, distribution and exchange.
CAPITAL RECOVERY FACTOR
A factor used to calculate the annual
capital costs of an project. A capital recovery factor may equally be used to
determine the equivalent annual cost of the stream of annual cash outflows (i.e.
the initial investment expenditure and the series of “net” annual operating
and maintenance costs) incurred over the useful life of an project.
CARFLOAT
A barge equipped with tracks on which
railroad cars are moved by water.
CARGO INTERCHANGE MESSAGE PROCEDURES
(IMP)
ATA/IATA Cargo Interchange Message Procedures,
developed by the Member Airlines of the Air Transport Association of America
and the International Air Transport Association.
CARRIAGE COLLECT
Freight and charges be paid by the consignee.
CARRIAGE PAID
Incoterm meaning that the seller pays
the freight for the carriage of the goods to the named destination. However,
the risk of loss of or damage to the goods, as well as of any cost increases,
is transferred from the seller to the buyer when the goods have been delivered
into the custody of the first carrier and not at the ship's rail. The term can
be used for all modes of transport including multi-modal operations and container
or “roll on-roll off” traffic by trailer and ferries. When the seller has to
furnish a bill of lading, waybill or carrier's receipt, he duly fulfils this
obligation by presenting such a document issued by the person with whom he has
contracted for carriage to the named destination.
CARRIER
Any person or entity who, through
a contract of carriage, undertakes to perform or procure the performance of
carriage by rail, road, sea, air, inland waterway, or by a combination of modes.
CARTAGE
Intra-port or local hauling of cargo by
drays or trucks; also referred to as drayage.
CATEGORY MANAGEMENT
The management of product categories as
strategic business units. The practice can empower a category manager with full
responsibility for the assortment decisions, inventory levels, shelf-space allocation,
promotions and buying. With this authority and responsibility, the category
manager may be able to judge more accurately the consumer buying patterns, product
sales and market trends of that category. By emphasizing profits and sales for
entire product groups rather than individual items or brands category management
can encourage a longer-term, joint retailer-supplier focus in marketing and
merchandising.
CEMAT
FS-controlled company who manages the combined transports in Italy.
CFS/CFS (PIER TO PIER)
The term CFS/CFS refers to cargo delivered
at origin in less-than-containerload quantities to a container freight station
(CFS) to be loaded into containers and to be unloaded from the container at
destination CFS.
CFS CHARGE (CONTAINER FREIGHT STATION
CHARGE)
The charge assessed for services performed
at the origin or destination for loading or unloading of cargo into/from containers
at a CFS.
CFS RECEIVING SERVICE The service performed at the loading port
in receiving and packing cargo into containers from CFS to CY or shipside.
CHARTER
Originally meant a flight where a shipper
contracted hire of an aircraft from an air carrier, but has usually come to
mean any non-scheduled commercial service.
CHASSIS
A rectangular steel frame, supported by
springs and wheeled axles constructed to accept mounting of containers for over-the-road
transport.
CITY LOGISTICS
Urban Logistics.
CITY LOGISTICS CENTER Logistic infrastructure utilized for urban
deliveries through light and low environmental impact vehicles.
CLASSIFICATION YARD A railroad yard with many tracks used
for assembling freight trains.
CLIENT-SERVER
A common form of distributed system in
which software is split between server tasks and client tasks. A client sends
requests to a server, according to some protocol, asking for information or
action, and the server responds. This is analogous to a customer (client) who
sends an order (request) on an order form to a supplier (server) who despatches
the goods and an invoice (response). The order form and invoice are part of
the protocol used to communicate in this case. There may be either one centralised
server or several distributed ones. This model allows clients and servers to
be placed independently on nodes in a network, possibly on different hardware
and operating systems appropriate to their function, e.g. fast server/cheap
client.
COLLECT FREIGHT
Freight which is payable to the carrier
when the merchandise arrives at the port of discharge named in the bill of lading.
COLLECTIVISM
Economic system in which the means of
production are owned by the state, which plans the economy, sets prices and
output levels, etc.
COMBINATION VESSEL
A type of ship that accommodates both
container and break-bulk cargo. It can be either self-sustaining or non-self
sustaining. Also known as a Container/Break-bulk Vessel.
COMBINED TRANSPORT Intermodal transport where the major part
of the European journey is by rail, inland waterways or sea and any initial
and/or final legs carried out by road are as short as possible.
COMMON CARRIER
A transportation company that provides
service to the general public at published rates.
COMPETITIVE ADVANTAGE The element that makes one company better
than its competitors: a better product or service, lower prices (due to economies
of scale), etc.
CONCESSION
An arrangement whereby a private party
(concessionaire) leases assets from a public authority for an extended period
and has responsibility for financing specified new fixed investments during
the period and for providing specified services associated with the assets;
in return, the concessionaire receives specified revenues from the operation
of the assets; the assets revert to the public sector at expiration of the contract.
CONFERENCE
An affiliation of shipowners operating
over the same route(s) who agree to charge uniform rates and other terms of
carriage. A conference is “closed” if one can enter only by the consent of existing
members of the conference. It is “open” if anyone can enter by meeting certain
technical and financial standards. Conference members are common carriers. CONGESTION
Congestion arises when traffic exceeds
infrastructure capacity and the speed of traffic declines.
CONGESTION COSTS
Congestion costs comprise direct costs,
including opportunity costs of time lost to third parties due to delays, and
social costs (e.g. environmental costs).
CONGESTION
PRICING
A broad term used to identify user fees
that are charged to manage traffic and avoid congestion.
CONNECTIVITY
Physical possibilities to use a transportation network in order to optimise
the realizable routes.
CONSIGNEE
The individual or company to whom a seller
or shipper sends merchandise and who, upon presentation of necessary documents,
is recognized as the merchandise owner for the purpose of declaring and paying
customs duties.
CONSIGNOR
A term used to describe any person who
consigns goods to himself or to another party in a bill of lading or equivalent
document. A consignor might be the owner of the goods, or a freight forwarder
who consigns goods on behalf of his principal.
CONSIGNMENT
Freight sent under a single contract of
carriage. In combined transport, this term may be used for statistical purposes,
to measure loading units or road vehicles. The grouping together of several
consignments into a full load is called consolidation or groupage.
CONSIGNMENT NOTE
Document prepared by the shipper and comprising
a transport contract. It contains details of the consignment to be carried to
the port of loading and it is signed by the inland carrier as proof of receipt.
CONSOLIDATED SHIPMENT
Also called “groupage”, it is a method
of shipping whereby an agent (freight forwarder or consolidator) combines individual
consignments from various shippers into one shipment made to a destination agent,
for the benefit of preferential rates. The consolidation is then de-consolidated
by the destination agent into its original component consignments and made available
to consignees. Consolidation provides shippers access to better rates than would
be otherwise attainable.
CONSOLIDATION
The grouping together of smaller consignments of goods into a large consignment
for carriage as a larger unit in order to obtain a reduced rate.
CONSOLIDATION POINT
Location where consolidation of consignments
takes place.
CONSOLIDATOR
A firm or company which consolidates cargo.
CONSTANT PRICES
See real prices.
CONSUMER GOODS
Goods that are bought and used by the
public, rather than being used for manufacturing further goods.
CONSUMER MARKET
The individuals and households that buy
products for their own personal consumption.
CONTAINER
A large standard size stackable metal
box into which cargo is packed for shipment aboard specially configured oceangoing
containerships and designed to be moved with common handling equipment enabling
high-speed intermodal transfers in economically large units between ships, railcars,
truck chassis, and barges using a minimum of labor. The container, therefore,
serves as the transfer unit rather than the cargo contained therein.
CONTAINER FREIGHT STATION (CFS)
An arrangement whereby a private party
(concessionaire) leases assets from a public authority for an extended period
and has responsibility for financing specified new fixed investments during
the period and for providing specified services associated with the assets;
in return, the concessionaire receives specified revenues from the operation
of the assets; the assets revert to the public sector at expiration of the contract.
CONTAINER POOL
An agreement between parties that allows
the efficient use and supply of containers; a common supply of containers available
to the shipper as required.
CONTAINERSHIP
A cargo vessel designed and constructed
to transport, within specifically designed cells, portable tanks and freight
containers which are lifted on and off with their contents intact. There are
two types of containerships full and partial. Full containerships are equipped
with permanent container cells with little or no space for other types of cargo.
Partial containerships are considered multi-purpose container vessels, where
one or more but not all compartments are fitted with permanent container cells,
and the remaining compartments are used for other types of cargo. This category
also includes container/car carriers, container/rail car carriers, and container/roll-on/roll-off
vessels.
CONTAINERISATION Refers to the increasing and generalized
use of the container as a means of freight transport. As a standard and versatile
means, the container has greatly contributed to intermodal transportation of
merchandise and its widespread use, therefore, is responsible for profound mutations
in the transport sector. Through reduction of handling time, labor costs, and
packing costs, container transportation allows considerable increases in speed
of rotation along a circuit and thus entails a better optimization of time and
money.
CONTAINER ON RAILROAD FLATCAR (COFC)
Container-based land and maritime coordination
of freight handling.
CONTAINER TERMINAL
An area designated for the stowage of
cargo in containers, usually accessible by truck, railroad, and marine transportation,
where containers are picked up, dropped off, maintained, and housed.
CONTAINER YARD
A materials handling/storage facility
used for completely unitized loads in containers and/or empty containers.
CONTINUOUS REPLENISHMENT (CRP) The practice of partnering between distribution
channel members that changes the traditional replenishment process from distributor-generated
purchase orders, based on economic order quantities, to the replenishment of
products based on actual and forecasted product demand.
CORNER FITTING
Fixed points usually located at the top
and bottom corners of a container into which twistlocks or other devices engage
to enable the container to be lifted, stacked, secured.
CORRIDOR
Broadly defined transport connections
that carry people and goods between two locations. Within corridors there are
specific transport links, for example road and rail links.
CO-SOURCING
A strategic partnering strategy which
provides an alternative to a pure “make” or “buy” decision by establishing
an agreement where both parties exchange traditional and “non-traditional” assets,
both tangible and intangible, in fulfillment of the agreement.
COST-BENEFIT ANALYSIS (CBA) An analysis of the benefits and costs
to society of some action. It aims to value benefits and costs in monetary terms
and provide a summary indication of the net benefit.
COST
CURVE
The cost curve is a graph of total costs
of production as a function of total quantity produced.
COST DRIVER
A characteristic of any activity or event
which results in a incurrence of costs by that activity.
COST INSURANCE FREIGHT (CIF) Cost including Insurance and Freight is
the value declared by the importer to Customs. It represents the Free on Board
(FOB) cost ex foreign ports, plus shipping and insurance.
COST RECOVERY
This is an approach to infrastructure
charging whereby fixed and variable costs are recovered in full or in part.
COVER NOTE
A document that provides short-term evidence
of insurance cover before the policy and certificate have been issued.
CRANE
Conventional lifting crane where the load
is suspended by cable via a jib. The handling of ITUs requires the cable to
be connected to the ITUs’ corners.
CRITICAL PATH METHOD (CPM)
A network analysis technique used to predict
project duration by analyzing which sequence of tasks has the least amount of
scheduling flexibility.
CROSS DOCKING
A distribution system in which merchandise
received at the warehouse or distribution centre is not put away, but instead
is readied for shipment to retail stores. Cross docking requires close synchronization
of all inbound and outbound shipments. By eliminating the put-away, storage
and selection operations, it can significantly reduce distribution costs. In
pallet-level cross docking, entire pallets are received from the vendor and
moved directly to the outbound trucks without further handling. In case level
cross docking, cases are transferred into a conveyer system, if one is available,
which routes them to the appropriate outbound staging area for delivery to the
store.
CROSS-SUBSIDIZATION
Cross-subsidization involves supplying
transport services to one group of consumers (users) at a loss, which is made
up by profits on services provided to other consumers (users). It can be viewed
as a particular way of allocating rents associated with the transport activity.
CROSS-TRADE SEA TRANSPORT International sea transport performed
by a seagoing vessel registered in a third country.
CURRENT PRICES
See nominal prices.
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
A marketing and fulfilment system that
usually includes a call centre, data bases, software and marketing strategy.
Like ERP, CRM initiatives are complex, involve redesign of internal business
process and retraining. Successful contracting for CRM outsourcing requires
attention to business as well as technology and legal issues.
CUSTOMIZATION
Tailoring a product or service to individual
requirements.
CUSTOMS
A governmental body authorized to regulate
the movement of goods into and out of a country and to collect import and export
duties.
CUSTOMS BROKER
A person or firm, licensed by the customs
authority of their country when required, engaged in entering and clearing goods
through customs for a client (importer).
CUSTOMS CLEARANCE
A required procedure in all countries
that allows goods to enter the country.
CUSTOMS DUTIES
Taxes charged on most imports (except
in customs unions or free trade areas like the European Union and NAFTA).
CUSTOMS HOUSE
The government office where duties and/or
tolls are placed on imports or exports and are paid on vehicles or vessels entered
or cleared.
CUT-OFF TIME (CLOSE TIME) The latest time a container may be delivered
to a terminal for loading to a scheduled vessel, train, or truck.
D
DATABASE MANAGEMENT SYSTEM (DBMS) Software for data warehousing and management. DECONSOLIDATION
POINT
Place where loose or other non-containerised
cargo is ungrouped for delivery.
DEEP SEA MARITIME TRANSPORT Intercontinental transport of cargo by
sea.
DEFLATION
A decrease in the general price level
or an increase in the purchasing power of money.
DELIVERED AT FRONTIER (DAF) Incoterm meaning that the seller's obligations
are fulfilled when the goods have arrived at the frontier but before “the customs
border” of the country named in the sales contract. The term is primarily intended
to apply to goods by rail or road but is also used irrespective of the mode
of transport.
DELIVERY DUTY PAID (DDP) Title and risk pass to buyer when seller
delivers goods to named destination point cleared for import. Used for any mode
of transportation.
DEMURRAGE
The delay of a vessel or detention of
a shipment beyond the stipulated time allowed for loading or unloading; the
resulting payment to the owner for such delay or detention.
DELOCALIZATION
The splitting of production processes
into separate parts that can be done in different locations, including in different
countries.
DEPRECIATION
Depreciation is an accounting charge for
the decline in value of an asset spread over its life.
DEPRECIATION CHARGE Capital goods (e.g. installed pollution
abatement equipment) are typically used up over a period of time. Each year,
a portion of the usefulness of these assets expires, therefore a portion of
the original investment expenditure should be recognised as an annual (capital)
cost. The term depreciation refers to the systematic allocation of the cost
of an asset to expense over the accounting periods making up its useful life.
DEREGULATION
The ending or relaxing of legal regulations
or restrictions in a particular industry
DIRECT
COSTING
Provides the average variable cost for
a product, service or process (which often depends on the volume manufactured
or provided).
DISCOUNTED (CASH FLOW) NET BENEFIT The present value of expected future net
benefits.
DISCOUNT FACTOR
The present value of a single unit of
currency received in the future (normally one year from now). If the discount
rate is r, then the discount factor is 1/(1+r).
DISCOUNT RATE
The rate used to discount future net benefits
to their present value.
DISCOUNTING
The process of determining the present
value of future net benefits.
DISECONOMIES OF SCALE Diseconomies of scale are like
economies of scale
but with the implication that they are negative, so larger scale would increase
cost per unit.
DISINTERMEDIATION
It refers to cutting out the middlemen
in transactions.
DISPATCHING
The carrier activities involved with controlling
equipment; involves arranging for fuel, drivers, crews, equipment, and terminal
space.
DISPOSAL OF GOODS
The act of getting rid of goods.
DISPOSITIONING
All activities relating to the inland
movement of empty and or full containers.
DISTRIBUTION
The set of activities which ensure the availability of goods in the desired
quality, quantity, place and time for the customer.
DISTRIBUTION CENTRE A warehouse for the receipt, the storage
and the dispersal of goods among customers. Synonym: Branch Warehouse.
DISTRIBUTION MANAGEMENT Outbound logistics, from the end of the
production line to the end user.
DISTRIBUTION REQUIREMENT PLANNING (DRP-I) The function of determining the need to
replenish stock at branch warehouses.
DISTRIBUTION RESOURCE PLANNING (DRP-II) The set of concepts, procedures and techniques,
being an extension of DRP-I, for the effective planning and control of the physical
distribution.
DISTRIPARK
Ultra-modern cargo distribution complex that provides comprehensive warehousing
facilities within a Free Trade Zone.
DOCK
For ships, a cargo handling area parallel
to the shoreline.
DOOR-TO-DOOR
Transportation of a container and its
contents from consignor to consignee.
DOUBLE-DECK PALLET Flat pallet with a top deck and a bottom
deck.
DOUBLE STACK TRAIN Rail or train capable of carrying two
containers, one on top of the other.
DOUBLE STACK WAGON A rail wagon designed for the transport
of containers stacked on top of each other.
DRAFT
The depth of a loaded vessel in the water,
taken from the level of the waterline, to the lowest point of the hull of the
vessel; depth of water, or distance between the bottom of the ship and the water
line. Also referred to as draught.
DRAYAGE
Transporting freight by truck, typically
within short distances.
DRY-BULK CONTAINER A container constructed to carry grain,
powder and other free flowing solids in bulk.
DRY DOCK
An enclosed basin into which a ship is
taken for underwater cleaning and repairing. It is fitted with watertight entrance
gates which when closed permit the dock to be pumped dry.
DUMPING
Selling goods in foreign markets at a
lower price than in the home market, or even selling at cost price or at a loss
in order to obtain foreign exchange.
DUNNAGE
Material used in stowing cargo either
for separation or the prevention of damage.
DUTY FREE
Describes goods that can be imported without
customs taxes.
DWELL TIME
It is expressed in term of no. of day
that a container changed from one status to another e.g. from under inbound
load (UIL) to empty available (MTA) to under outbound load (UOL). The shorter
the dwell time, the more efficient the container utilization will be.
E
E.T.A.
Expected time arrival.
E.T.D.
Expected time departure.
E-BUSINESS
Electronic business, that is conducting
business electronically .
E-COMMERCE
Electronic commerce, that is conducting
commerce electronically.
ECONOMIC COST
The cost associated with the supply of
any good or service, measured in terms of opportunity costs of the inputs used.
ECONOMIC GOODS
Goods that are useful, scarce, and rationed
by price.
ECONOMIC GROWTH
Increase in per capita income, resulting
from the increased production of goods and services.
ECONOMIC LIFE
The time at which the marginal costs of
operating and maintaining an project exceed the marginal benefits provided by
the asset - because other factors, such as technological change or changes in
economic circumstances, may render the asset obsolete or inadequate. The economic
life of an project may differ from its technical life; the economic life is
typically shorter than the technical life.
ECONOMIC LOGISTICS The term refers to the study, through
the economic analysis tools, of topics concerning specialised infrastructures,
territorial planning, markets’ regulation and external economies/diseconomies
of transport and logistic outsourcing. Economic Logistics can be understood
as “3Ts’ fusion”, that is to say Transports, Tertiarisation and Territory.
ECONOMIC ORDER QUANTITY (EOQ) The quantity per order (in units) that
minimizes the total costs of processing orders and holding inventory.
ECONOMIC RENT
Money paid to someone over and above the
amount he or she needs to remain in that particular line of work.
ECONOMIC VALUE ADDEDTM(EVA) A financial management system developed
and trademarked by Stern Stewart & Co. EVA is calculated as net operating profit
after taxes (NOPAT) less the cost of capital, plus capital budgeting adjustments.
ECONOMIES OF SCALE Reductions in unit costs arising from
large-scale production.
ECONOMIES
OF SCOPE
Cost savings resulting from increasing
the number of different goods or services produced.
ECONOMY
An organized system for the production,
distribution and consumption of goods and services.
EDI
Electronic Data Interchange. The electronic
interchange of business transactions between organizations according to a specific
pre-defined standard.
EDIFACT
Electronic Data Interchange For Administration
Commerce and Transportation EDIFACT stands for “Electronic Data Interchange
for Administration, Commerce and Transport”. This involves an international
hardware- and software neutral industry-wide system for electronic data exchange.
EDIFACT, defined and serviced by bodies of the United Nations (UN) serves for
standardization in electronic exchange of commercial documents and business
messages. Under the umbrella of the UN, EDIFACT is often also called UN/EDIFACT.
All EDIFACT messages are based on ISO9735, in which the individual syntax units
are described in detail. The structure of the control segments (e.g. UNH, UNT,
etc.) is also described there, since they apply to all messages as an overall
standard.
EFFECTIVENESS
A
measure of the
quality of attainment
in
meeting
objectives; to
be distinguished from
efficiency, which
is
measured by the
volume of
output achieved
for the
input used.
EFFICIENCY
The ability to produce good results without
wasting time or resources; in financial theory, the fact that all new information
is rapidly communicated, understood by market participants, and incorporated
into prices.
EFFICIENT CONSUMER RESPONSE (ECR) A strategy in which the grocery retailer,
distributor and supplier trading partners study methods to work closely together
to eliminate excess costs from the grocery supply chain and better serve the
consumer.
E-FULLFILMENT
Comprehensive order processing system
(operated, for instance, by a logistics service provider) covering the receipt
of orders via the Internet, payment, storage, transportation and delivery as
well as after-sales service and disposal.
ELASTICITY OF DEMAND The responsiveness of the quantity of
a good or service demanded to changes in market price or in consumers’ income.
ELASTICITY OF SUPPLY
Changes in the supply of a good or service
in response to changes in price.
ELECTRIFIED TRACK
Track provided with an overhead trolley
wire or with conductor rail to permit electric traction.
E-LOGISTICS
The application of Internet-based technologies
to traditional logistics.
E-MARKETPLACE
Business communities are beginning to
form e-marketplaces, enabling them to automate and leverage transactions with
one another as a community. By bringing together large numbers of buyers and
sellers, e-marketplaces give sellers access to new customers, expand the choices
available to buyers and reduce transaction costs.
ENGINEER TO ORDER (ETO) A manufacturing response to demand in
which engineering analysis and design occurs for all materials and production
activities designated for a specific customer order. ETO may involve the use
of a few common raw materials, but requires constructing new bills of materials
and routings to complete intermediate items and the end time required.
ENTERPRISE RESOURCE PLANNING (ERP) It is a software which integrates the
various functions of an enterprise based on sharing of data in common database
that, when processed, generates relevant management information for purchasing
departments, manufacturing, sales, delivery and related internal processes (such
as human resources and accounting). In principle, ERP software is capable
of running the enterprise (and multiple enterprises) as an integrated operation.
E-PROCUREMENT
Purchasing which takes place between companies
using services such as the Internet, Electronic Data Interchange or Electronic
File Transfer. Two companies, one the supplier and the other the purchaser,
transmit inquiries, orders, invoices, payments etc. directly through their computer
systems.
EUROPEAN REGIONAL DEVELOPMENT FUND
(ERDF)
The ERDF is aimed at reducing regional
imbalances and assisting disadvantaged regions, particularly, run-down areas
facing restructuring problems and industrial decline and rural areas.
EUROPEAN SOCIAL FUND (ESF) The ESF aims to improve employment opportunities
in the European Union by providing financial support towards the running costs
for vocational training schemes, guidance and counselling projects, job creation
measures and other steps to improve the employability and skills of both employed
and unemployed people. It also provides support for research and improving the
capacity of organisations to better help their target communities.
EQUIVALENT ANNUAL COST An equal, or uniform, payment made over
the useful life of an project, which has the same present value as the stream
of annual cash outflows (i.e. the initial investment expenditure plus the series
of net annual operating and maintenance costs) associated with the measure. EXCHANGE RATE
The exchange rate for foreign currency
is the price of a unit of the foreign currency in terms of the domestic currency.
EXCISE TAX
A tax on the sale or use of specific products
or transactions.
EXTERNAL COST (NEGATIVE EXTERNALITY) The costs arising from the provision of
any good or service that are not taken into account by the provider of that
good or service when making decisions about methods of production and level
of production; for that concerns the transport sector they include pollution,
noise, health, accidents costs. Failure to acknowledge such costs may result
in excessive use of a transport service.
EXTERNAL BENEFIT (POSITIVE EXTERNALITY)
An “external economy,” “external benefit,”
or “positive externality” results when part of the benefit of producing or consuming
a good or service accrues to a firm or household other than that which produces
or purchases it.
EXTRANET
It extends the Intranet to information
users from outside the enterprise. Extranets are used to provide access to information
that can be used by suppliers, customers, banks and other financial institutions
and others needing access to an enterprise's data.
F
FEASIBILITY STUDY
The final determination of the viability
of a proposed investment project. Only the best alternative identified in a
pre-feasibility study is developed in a feasibility study, which covers all
economic, institutional, social, and engineering aspects of the project. The
need for the project is analysed along with resource availability, and refined
estimates are made of (1) project benefits, (2) capital costs of construction,
(3) annual costs of operation and maintenance, (4) economic parameters for evaluation,
i.e. Net Present Value, Internal Rate of Return or other, and (5) repayment
probabilities.
FEEDER VESSEL
Vessel employed in normally short sea
routes to fetch or carry goods and containers to and from ocean going vessels.
FERROUTAGE
Combined transport by rail and road. FEU
Forty equivalent unit. Commonly describes a 40-foot container (12.20 m.).
FINANCIAL COSTS
Those money payments associated with any
given set of economic costs.
FIRST-IN FIRST-OUT (FIFO) Method of inventory valuation that assumes
that the less recently purchased or produced goods are sold first.
FIXED COSTS
Fixed costs are those which are independent
of traffic flow or usage.
FLAT-RATE CHARGE
A charge, normally applied to transport
infrastructure, which does not vary with usage.
FLAG STATE
Country of registry of a sea going vessel.
A sea going vessel is subject to the maritime regulations in respect of manning
scales, safety standards and consular representation abroad of its country of
registration.
FOREIGN TRADE ZONE An area within a country where imported
goods, except contraband, may be stored or processed without being subject to
import duty. Also called a “free trade zone” or “free port”.
FORK LIFT TRUCK
Vehicle equipped with power-driven horizontal
forks, which allow it to lift, move or stack pallets, containers or swap bodies.
The latter two are usually empty. These operations can only be performed on
the front row of stack.
FOURTH PARTY LOGISTICS PROVIDER (4PL)
A logistics provider that manages a number
of other logistics providers, hence acts as a shipper or a logistics provider
in different circumstances.
FOUR-WAY PALLET
Pallet permitting the entry of the fork
arms of fork-lift trucks or pallet trucks from all directions.
FREE ENTERPRISE
Economic system in which anyone can attempt
to raise capital, form a business, and offer goods or services.
FREE MARKET
One in which prices rise and fall according
to supply and demand, with no governmental intervention.
FREE ON BOARD (FOB) Common price term used in international
trade meaning seller's responsible for the cost of goods is to the point of
loading it to the vessel deck or aircraft loading deck. The risk of loss of
or damage to the goods is transferred from the seller to the buyer when the
goods have been so delivered. FOB normally comes with port of loading either
airport or sea port.
FREE RIDER
Someone who enjoys the benefits of a (public)
good without paying for it. Because it is difficult to preclude anyone from
using a pure public good, those who benefit from the good have an incentive
to avoid paying for it—that is, to be free riders.
FREE TRADE
Situation where there are no restrictions
(tariffs, quotas, etc.) on imports and exports of goods.
FREIGHT DISTRIBUTION CENTRE Storage and interchange facility for loading/unloading
rail freight and transferring to road transportation.
FREIGHT FORWARDER
Individual/company that accepts shipments
and consolidates them into truckloads. An agent who helps expedite shipments
by preparing necessary documents and making other arrangements for moving freight.
FRONT-END SYSTEM
A front-end system is one that users interact
with directly, such as buying a product or searching a catalogue.
FULL CONTAINER LOAD (FCL) In contrast to the LCL (= Less than Container
Load) the carrier/ship owner takes an already fully loaded container for carriage
from the shipper (exporter).
FULL COSTING
A product costing method where the value
of each manufactured item includes all necessary direct and indirect manufacturing
costs.
FULL EMPLOYMENT
Situation in which everyone looking for
work is able to find it.
G
GABARIT
Encumbrance limit of a container wagon
with reference to both bridges and galleries of a railway line.
GAMES THEORY
Mathematic theory of rational behavior
for interactive decision problems.
GANTRY CRANE
An overhead crane comprising a horizontal
gantry mounted on legs which are either fixed, run in fixed tracks or on rubber
tyres with relatively limited manoeuvre. The load can be moved horizontally,
vertically and sideways. Such cranes normally straddle a road/rail and/or ship/shore
interchange.
GANTT (BAR) CHART
A Gantt chart is a graphic display of
activity durations. It is also referred to as a bar chart. Activities are listed
with other tabular information on the left side with time intervals over the
bars. Activity durations are shown in the form of horizontal bars.
GATEWAY
A point at which cargo is interchanged between carriers or modes of transport.
A means of access, an entry, in other words a pivotal point for the entrance
and the exit of merchandise in a region, a country, a continent.
GENERAL CARGO
Cargo, consisting of goods, unpacked or
packed, for example in cartons, crates, bags or bales, often palletised. General
cargo can be shipped either in break-bulk or containerised. Any consignment
other than a consignment containing valuable cargo and charged for transport
at general cargo rates (air-cargo).
GENERAL CARGO RATES The rate for the carriage of cargo other
than a class rate or specific commodity rate.
GENERAL CARGO SHIP Ship designed with holds for the carriage
of diverse types and forms of goods. This category includes reefer ships, Ro-Ro
passenger ships, Ro-Ro container ships, other Ro-Ro cargo ships, general cargo/passenger
ships and other multi-purpose ships.
GENERAL EQUILIBRIUM Hypothetical state of balance in all the
markets which make up an economy (supply and demand of goods, labour, capital,
etc.).
GENERALIZED COST
The total cost an individual pays to make
use of a mode of transport, including the “out-of-pocket” cost - i.e. the market
price of making the trip - the value of time taken and any other non-monetary
factors incurred in making the trip.
GEOGRAPHIC INFORMATION
SYSTEM (GIS)
An organized collection of computer hardware,
software, geographic data, and personnel designed to efficiently capture, store,
update, manipulate, analyze, and display all forms of geographically referenced
information.
GLOBAL
PUBLIC GOOD
Good with benefits that are strongly universal
in terms of countries (covering more than one group of countries), people (accruing
to several, preferably all, population groups) and generations (extending to
both current and future generations, or at least meeting the needs of current
generations without foreclosing development options for future generations).
GLOBALIZATION
The growing interdependence and interconnectedness of the modern world through
increased flows of goods, services, capital, people and information. The phenomenon
is driven by processes of economic liberalisation, technological advances and
reductions in the costs of international transactions and transports.
GLOCAL
Word composed by global and local. The
term “glocal economy” refers to an internationalisation and regionalisation
of the economy, and to an increasing tertiarisation, decentralization, interrelation
and privatisation of the economic activities.
GPS
Global Positioning System. Satellite navigation system used to determine terrestrial
position, velocity, and time. Once exclusively used by the U.S. military, the
GPS is now available to the worldwide general public. The GPS system relays
satellite signals that can be processed by a GPS receiver.
GRAPH
Graphical representation of a transportation
network composed by a set of dots called vertices (or nodes) connected by links
called edges (or arcs).
GREENHOUSE EFFECT
The absorption of outgoing infra-red radiation
by greenhouse gases and water vapor, which thereby raises the Earth’s temperature.
GROSS NATIONAL PRODUCT (GNP) The money value of all the final goods
and services produced in a country in a year, plus income from foreign investments
(which is excluded in GDP or gross domestic product).
GROSS TONNAGE
Applies to vessels, not to cargo. Determined
by dividing by 100 the contents, in cubic feet, of the vessel's closed-in spaces.
A vessel ton is 100 cubic feet.
GROSS WEIGHT
Entire weight of goods, packaging and
container, ready for shipment.
GROUPAGE
Consolidation of several small consignments
and the formation of one large shipment thereof.
H
HARBOUR DUES
Port charges to a vessel for each harbour
entry, usually on a per gross registered ton basis for commercial vessels.
HARBOUR MASTER
An officer who attends to berthing ships
in a harbour.
HAULAGE
The inland carriage of cargo or containers
between named locations/points. Synonym: Cartage.
HAULIER
Road carrier.
HIGH CUBE CONTAINER Container of standard ISO length and width
but with a height of 9’6” (2.9 m).
HIGHWAY
See motorway.
HINTERLAND
Land space over which a transport terminal,
such as a port, sells its services and interacts with its clients. It accounts
for the regional market share that a terminal has relative to a set of other
terminals servicing this region. It regroups all the customers directly bounded
to the terminal. The terminal, depending on its nature, serves as a place of
convergence for the traffic coming by roads, railways or by sea/fluvial feeders.
HOLD
A ship’s interior storage compartment.
HTML
Hyper Text Mark-up Language. Language in which web pages are written.
HTTP
Hyper Text Transfer Protocol. Conventions used by web
browsers and
servers to transfer
web pages.
HUB
Central point for the collection, sorting,
transhipment and distribution of goods for a particular area. This concept comes
from a term used in air transport for passengers as well as freight. It describes
collection and distribution through a single point (“Hub and Spoke” concept).
HUB & SPOKE
H&S distribution systems are based on
the concentration of the traffics over few points (hubs) that sort the goods
towards peripheral structures from which the final deliveries then have origin
over reduced routes (spokes).
HUCKEPACK
The carriage of road vehicles and trailers on railway wagons. Synonym: Piggyback.
I
IATA
International Air Transport Association.
ICAO
International Civil Aviation Organization.
IMO
International Maritime Organization.
IN BOND
Cargo moving under customs control where
duty has not yet been paid.
INCOTERMS
The set of international standards for
the uniform interpretation of common contract clauses in international trade.
INCOTERMS 2000, formulated in concert with many international entities, comprises
the latest revisions and should now be used exclusively.
INDIRECT COSTS
Indirect costs refer to those costs associated
with changes in demand in related (markets) sectors of the economy through backward
and forward production linkages with the project. For example, the (direct)
expenditures on an project may induce changes in demand for certain resources
and related services throughout the economy. The net value of these induced
changes is an indirect cost of investing in the project.
INDUCEMENT
Placing a port on a vessel’s itinerary
because the volume of cargo offered by that port justifies the cost of routing
the vessel.
INDUSTRIAL DISTRICT A highly geographically concentrated group
of companies that either work directly or indirectly for the same end market,
share values and knowledge so important that they define a cultural environment,
and are specifically linked to one another in a complex mix of competition and
cooperation. Key source of competitiveness are elements of trust, solidarity,
and cooperation between firms, a result of a close intertwining of economic,
social, and community relations.
INFLATION
An increase in the general price level
or a decrease in the purchasing power of money.
INFOMEDIARY
An intermediary business that captures,
segments and analyses consumer data for use by third party organisations.
INFRASTRUCTURE
Fixed equipment (such as roads, railways
and traffic lights) needed for transport services.
INLAND
CARRIER
A transportation company that hauls export
or import traffic between ports and inland points.
INTEGRATED
Combined into a unified system taking
into consideration all relationships. In terms of transport this means considering
all modes, land use patterns and social, environmental and economic impacts.
INTEGRATED LOGISTICS
Integrated logistics means taking a global
approach to activities such as demand management, asset management, purchasing,
factory logistics and distribution, including warehousing and transport. The
activities are viewed as a system, rather than many disparate activities. The
aim is then to simplify, synchronise and integrate the inbound and outbound
flows to form a competitive differentiator for the business.
INTEGRATED RAILWAY COMPANY
Railway undertaking also being an Infrastructure
manager.
INTEGRATED TRAFFIC MANAGEMENT SYSTEM The development and application of network-wide
data collection and sharing of traffic information system. The system can integrate
data and control systems from freeways, arterials and city streets to provide
real-time proactive traffic information and control. Implementation of the system
would facilitate congestion management over the entire network across multijurisdictional
boundaries. The system could provide incident detection, transit and emergency
vehicle priority, and advance traveler information.
INTELLIGENT TRANSPORT SYSTEMS (ITS) The integrated application of modern computer
and communications technologies to transport systems to improve transport safety,
use of infrastructure, transport operations and the environment.
INTEREST COST (CHARGE)
A charge made for the use of money and
reflecting the opportunity cost of capital. The yearly interest charge on the
unpaid capital balance is one part of the annual capital cost (see also interest
rate).
INTEREST RATE
The ratio of the interest charged in any
one time period to the original investment expenditure (see also interest rate).
INTERMODAL
TERMINAL
A railroad facility designed for the loading
and unloading of containers, swap bodies and trailers to and from flat cars
for movement on the railroad and subsequent movement on the street or highway.
INTERMODAL TRANSPORT The movement of goods in one and the same
loading unit or road vehicle, which uses successively two or more modes of transport
without handling the goods themselves in changing modes.
INTERMODAL TRANSPORT UNIT (ITU) Containers, swap bodies and semi-trailers
suitable for intermodal transport.
INTERNAL COSTS
Internal costs are those which the user
pays for.
INTERNATIONAL ORGANIZATION OF STANDARDIZATION
(ISO)
ISO is a worldwide federation of national
standards bodies from some 130 countries, one from each country. It is a non-governmental
organization established in 1947 to promote the development of standardization
facilitating international trade. ISO's work results in international agreements
which are published as International Standards.
INTERNET
The vast collection of inter-connected
networks that are connected using the TCP/IP protocols and that evolved from
the ARPANET of the late 60's and early 70's. Any time you connect 2 or more
networks together, you have an internet - as in inter-national or inter-state.
The Internet connects tens of thousands of independent networks into a vast
global internet and is probably the largest Wide Area Network in the world.
INTERNET2
Internet2 is a consortium being led by
202 universities working in partnership with industry and government to develop
and deploy advanced network applications and technologies, accelerating the
creation of tomorrow's Internet. Internet2 is recreating the partnership among
academia, industry and government that fostered today´s Internet in its infancy.
The primary goals of Internet2 are to:
- create a leading edge network capability
for the national research community;
- enable revolutionary Internet applications;
- ensure the rapid transfer of new network
services and applications to the broader Internet community.
INTEROPERABILITY
Term which means that the operating equipment
(trucks, trains, ships, etc.) can operate on either side of the border equally
efficiently. This means common technical specifications, or at least sufficient
flexibility in specifications to remove access to all components of the integrated
network. It also means common institutions such as licenses, insurance, way-bills,
computer and information systems, safety standards, and labor laws and practices.
Without these features there is the needed for consignments or passengers to
change carrier at the border even if the same mode is used on either side. In
other words, it means equity of access, on comparable terms, to the entire integrated
transportation infrastructure network.
INTRANET
It is a network of computers and related
digital files available to all members of the intranet's owner. Users
access the files using an Internet Protocol rather than simple hard wiring.
When added to a VPN, an Intranet can become an Extranet.
INVARIANCE OF CAPITALS OVER SPACE
It represents a fundamental of Economic
Logistics. In particular, by borrowing from the financial mathematics the law
of the capitals equality over time according to the conditions of the rates
of interest or discount, Economic Logistics reaches to a sort of equality or
invariance of the capitals over space in comparison to both a rate of transport-distance
cost and a rate of incidence of the logistic service cost. The consequence is
an higher competitiveness of the productions owed to smaller costs of the inputs
in comparison to invariant values over space.
INVENTORY TURNOVER The number of times the average inventory
has been sold during a period.
INVESTMENT EXPENDITURE The total expenditure made in a given
year to purchase plant/equipment or other infrastructure items from a supplier,
and all expenditures associated with installing these items and making it operational.
This includes the purchase of land, general site preparation etc., if required.
Investment expenditure is distinct from the capital cost of an project. Capital
goods provide services over a number of years and therefore only a portion of
the original investment expenditure is recognised as an annual (capital) cost.
In contrast, investment expenditure indicates the total value of the capital
good in the year of acquisition and thus does not reflect the use of the asset
over time.
J
JETTY
Structure projecting out to sea, designed
to protect a port from the force of the waves but also used to berth ships.
JOINT COSTS
The costs associated with the provision
of more than one type of output. Frequently a project delivers more than one
final product. Some of the costs can be clearly attributed to each separate
product, but some costs are shared. These shared costs are joint costs. Rules
of attributing them exist (e.g. on the basis of the relative value of final
output, or on the basis of the value of relative value of some variable input),
but these are essentially arbitrary.
JUST IN TIME (JIT) A manufacturing/distribution process that
produces/delivers products just in time to meet orders, not for stock.
K
KAIZEN
Japanese philosophy of continual improvement,
that every process can and should be continually evaluated and improved in terms
of time required, resources used, resultant quality, and other aspects relevant
to the process. When applied to the workplace, Kaizen means continuing improvement
involving everyone - managers and workers alike. Kaizen is not limited to manufacturing
systems only. It also means continuing improvement in personal life, home life,
social life, and working life.
KANBAN
A method which during storage uses standard
units or lot sizes with a single card attached to each. A pull system used at
a stock point in which a supply batch is ordered only when a previous batch
is withdrawn. Note: Kanban in Japanese means loosely translated “card” or “sign”.
KILOMETRIC DISTANCE
Ratio of vehicles-kilometres and number
of vehicles.
KNOT
Intersection between two or more communication
lines. However the term also refers to the measure of speed of a ship, equal
to one nautical mile (1.852 meters) per hour.
L
LANDBRIDGE
An intermodal connection between two ocean
carriers separated by a land mass, linked together in a seamless transaction
by a land carrier.
LAND CONTAINER
Container complying with International
Railway Union (UIC) specifications, for use in rail-road combined transport.
LANDLORD PORT
An institutional structure whereby the
port authority or other relevant public agency retains ownership of the land,
as well as responsibility for maintaining approach channels and navigation aids;
under this model, the port does not engage in any operational activities.
LAST-IN FIRST-OUT (LIFO) Method of inventory valuation that assumes
that the most recently purchased or produced goods are sold first.
LEAD TIME
Length of time required to replenish the
inventory for a material from the time that a need for additional material is
felt until the new order for material is received in the inventory and is ready
to use.
LEAN PRODUCTION
Assembly-line manufacturing methodology
developed originally for Toyota and the manufacture of automobiles. It is also
known as the Toyota Production System. The goal of lean production is described
as “to get the right things to the right place at the right time, the first
time, while minimizing waste and being open to change.
LESS THAN CONTAINERLOAD (LCL) In contrast to the «Full Container Load»
goods too small to fill a container are loaded by the carrier at a container
freight station with other compatible goods received from various exporters
for delivery to the same destination.
LESS THAN TRUCKLOAD (LTL)
Most road freight shipments transported
by common carriers are LTL. The term LCL similarly applies to ocean freight
shipments that are “Less than Container Load”.
LEVELISED COST
The costs of any project comprise capital
costs and variable costs. The capital costs are shared by the production that
takes place over a number of years. The levelised costs is a constant annual
cost that is equivalent in present value terms to the actual capital and variable
costs of the project.
LIFE CYCLE COST ANALYSIS (LCCA) Method which allows to evaluate the total
economic worth of a usable project segment by analysing initial costs and discounted
future costs, such as maintenance, user costs, reconstruction, rehabilitation,
restoring, and resurfacing costs, over the life of the project segment.
LIFT-ON-LIFT-OFF (LO-LO) Loading and unloading of intermodal transport
units (ITU) using lifting equipment.
LIMIT OF LIABILITY The maximum sum of money payable by a
carrier to a shipper for any damage or loss to the cargo for which the carrier
is liable under the contract of carriage. The amount of the limitation is determined
by agreement or by law.
LIMITED RECOURSE FINANCING Project financing in which sponsors or
governments agree to provide contingent financial support to give lenders extra
comfort; typically provided during the construction and start-up period of a
project, which is generally the riskiest time in the life of an infrastructure
project.
LINE HAUL
The movement of freight over the tracks
of a transportation line from one city to another.
LINEAR TRANSPORT COST FUNCTION
A reference to a theoretical, linear mathematical
function usually involving the variables (1) (total) transport costs and (2)
distance. The function would be linear if it is suggested that the increase
in transport cost is proportional to the increase in distance. Linearity may
exist with or without terminal (or distance-fixed) cost. The latter would result
in a curvi-linear, downward sloping average transport-cost function. In general,
non-linear total transport costs with declining marginal distance costs would
tend to make long-haul transportation relatively inexpensive and might create
the incentive to select locations which reduce the number of short-haul links
and take advantage of the “distance-economies” of (fewer but) long hauls.
LINER
A vessel sailing between specified ports
on a regular basis.
LINER TERMS
Condition of carriage denoting that costs
for loading and unloading are borne by the carrier subject the custom of the
port concerned.
LLOYD’S REGISTRY
An organization maintained for the surveying
and classing of ships so that insurance underwriters and others may know the
quality and condition of the vessels involved.
LOAD FACTOR
The ratio of passengers or freight actually
carried versus the total passenger or freight capacity of a vehicle or a route.
LOADING
TRACK
Track on which ITUs are transhipped.
LOADING UNIT
Container or swap body.
LOCAL AREA NETWORK (LAN)
Group of computers and associated devices
that share a common communications line and typically share the resources of
a single processor or server within a small geographic area (for example, within
an office building). Usually, the server has applications and data storage that
are shared in common by multiple computer users.
LOCALIZATION ECONOMIES
The term means also “external economies
of localization” and refers to the agglomeration economies (benefits, cost reductions)
resulting from the concentration of the same or similar activities: eg. benefits
resulting from the local access to a specialized work force or the specialized
reputation of a locality (to which some but maybe not all of these specialized
activities contribute).
LOGISTIC CENTRE
Geographical grouping of independent companies
and bodies which are dealing with freight transport (for example, freight forwarders,
shippers, transport operators, customs) and with accompanying services (for
example, storage, maintenance and repair), including at least a terminal. In
English, also called “Freight village”. In Italian, also called “Interporto”.
LOGISTIC COSTS
Six groups of costs relative to logistic
activities exist: orders processing and information systems costs; labour costs;
warehousing costs; inventories costs; lots costs; transportation and distribution
costs.
LOGISTIC DISTRICT
Concentration of firms and infrastructures
for the supply of both multimodal and integrated logistics services oriented
to various sectors.
LOGISTICS OPERATOR (LO) Company that plans, controls, implements
and monitors information and material flows as a service provided to other companies
and customers.
LOGISTIC OUTSOURCING Purchasing logistic services from an outside
firm, as opposed to performing it in-house.
LOW FLOOR WAGON:
A rail wagon with a low loading platform
built to carry, inter alia, ITUs.
M
MAKE TO ORDER (MTO)
A production philosophy that advocates
producing products only after orders are in hand.
MAKE TO STOCK (MTS)
A production philosophy that advocates
producing products ahead of time and stocking them in inventory until a demand
is generated.
MALACCA-MAX
Maximum size ships (containerships and
bulkers) which can cross the Malacca Straits. The Malacca-max reference is believed
to be today the absolute maximum possible size for container vessels.
MANUFACTURING COSTS Costs associated directly with the manufacturing
process including cash operating expenses, but excluding depreciation and amortization
MANUFACTURING RESOURCE PLANNING II
(MRP II)
Method for the effective planning of a
manufacturing company, being a direct out-growth and extension of MRP-I.
MATERIAL REQUIREMENT PLANNING (MRP) The computer process of matching supply
with demand. It forecasts all inventory movements and makes recommendations
for material re-supply and production.
MATHEMATICAL
PROGRAMMING
Mathematical Programming, one of
a number of Operations Research techniques, is the use of mathematical models,
particularly optimizing models, to assist in taking decisions.
MARGINAL COSTS
Marginal costs are specific variable costs
related to the provision of a service or the use of infrastructure. Short-run
marginal costs are the additional operating and maintenance costs associated
with a marginal increase in output without any increase in physical capacity.
If external costs are also included, this is referred to as marginal social
cost. Long-run marginal costs include also the capital costs of increasing capacity
to accommodate an increase in output; they are difficult to measure. Linking
charges to long-run marginal costs would lead to significant inefficiencies
where excess transport capacity exists.
MARGINAL PRODUCT
The increase in output resulting from
the use of an additional unit of an input or factor of production.
MARGINAL PROPENSITY TO CONSUME Proportion of additional disposable income
that is spent on additional consumption.
MARGINAL PROPENSITY TO SAVE Proportion of additional disposable income
that people choose to save.
MARGINAL REVENUE
The change in total revenue resulting
from increasing sales by one unit.
MARGINAL UTILITY
The additional satisfaction derived from
consuming a further unit of a commodity.
MARINE TERMINAL
A designated area of a port, which includes
but not limited to wharves, warehouses, covered and/or open storage spaces,
cold storage plants, grain elevators and/or bulk cargo loading and/or unloading
structures, landings, and receiving stations, used for the transmission, care,
and convenience of cargo and/or passengers in the interchange of same between
land and water carriers or between two water carriers.
MARITIME CABOTAGE
Sea transport between two ports (a port
of loading/embarkment and a port of unloading/disembarkment) located in the
same country irrespective of the country in which the seagoing vessel is registered.
MARITIME CONTAINER A container strong enough to be stacked
in a cellular ship and to be top lifted. Most maritime containers are ISO containers,
i.e. they confirm to all relevant International Organization for Standardization
(ISO) standards.
MARITIME FEEDER SERVICE Short sea shipping service which connects
at least two ports in order for the freight (generally containers) to be consolidated
or redistributed to or from a deep-sea service in one of these ports.
MARKET ECONOMY
One in which prices and quantifies are
determined by supply and demand.
MARKET FAILURES
Situations in which free competition and
the effects of supply and demand do not operate (e.g. monopolies and oligopolies,
and externalities). So the market fails to attain economic efficiency.
MARKET PRICE EQUILIBRIUM the price at which the amount that buyers
wish to buy equals the amount that sellers wish to sell.
MASTER PRODUCTION SCHEDULE (MPS) Plan that a company develops for production,
inventory, staffing, etc. It sets the quantity of each end item to be
completed in each week of a short-range planning horizon. A Master Production
Schedule is the master of all schedules. It is a plan for future production
of end items.
MATERIALS MANAGEMENT Inbound logistics from suppliers through
the production process. The movement and management of materials and products
from procurement through production.
MEDIUM TONNE DISTANCE Ratio of tonnes-kilometres to transported
freight tonnes.
MILITARY LOGISTICS Whole of operations dealing with the procurement,
distribution, maintenance, and replacement of materiel and personnel of an army
in an enemy territory.
MIXED COSTS
Costs comprising both fixed and variables
components of cost.
MIXED GOOD
A mixed good lies between the polar extremes
of a private good and a public good, containing elements of both. For example,
inoculation against disease is a mixed good since it benefits the community
at large (by reducing risks of illness) as well as the individual. In such a
case, private consumption confers a beneficial externality on the rest of the
community.
MOBILE CRANE
General purpose crane capable of being
moved from one part of a port to another.
MODAL SPLIT
The relative use of the modes of transportation;
the statistics used include ton-miles, passenger-miles and revenue.
MONOPOLISTIC COMPETITION
A market structure where a large number
of small firms produce a non-homogeneous product and there are no relevant barriers
to entry or exit
MONOPOLY
Situation in which there is only one seller
of a product or service.
M
ONOPSONY
A buyers' monopoly, a situation in which
there is only one buyer.
MOOR
To attach a ship to the shore by ropes.
MOTORWAY
Road, specially designed and built for
motor traffic, which does not serve properties bordering on it, and which: (a)
is provided, except at special points or temporarily, with separate carriageways
for the two directions of traffic, separated from each other, either by a dividing
strip not intended for traffic, or exceptionally by other means; (b) does not
cross at level with any road, railway or tramway track, or footpath; (c) is
specially sign-posted as a motorway and is reserved for specific categories
of road motor vehicles. Entry and exit lanes of motorways are included irrespectively
of the location of the sign-posts.
MULTICRITERIA ANALYSIS (MCA) An extension to traditional cost-benefit
analysis that endeavours to take account of all relevant impacts, including
non-monetary impacts (for example, social equity and environmental impacts).
MULTIMODAL TRANSPORT Carriage of goods by two or more modes
of transport.
MULTIMODAL TRANSPORT OPERATOR (MTO) Any person or entity who concludes a multimodal
transport contract and assumes the whole responsibility for the performance
thereof as a carrier or a transport operator.
N
NATURAL MONOPOLY
A situation where one firm can produce
a given level of output at a lower total cost than can any combination of multiple
firms. Natural monopolies occur in industries which exhibit decreasing average
long-run costs due to size (economies of scale). According to economic theory,
a public monopoly governed by regulation is justified when an industry exhibits
natural monopoly characteristics. Modern view of natural monopoly rests on the
concept of subadditivity of costs. Cost function is subadditive if any division
of output between N firms results at greater industry costs when if one firm
produces that quantity of output. In the single product case economies of scale
imply subadditivity Natural monopoly exists where one firm is able to produce
the relevant range of outputs at a lower cost than two or more firms.
NETWORK ECONOMIES
The whole of both economies of scale and
scope.
NEW ECONOMY
Internet-based public and private economy.
NOMINAL (CURRENT) PRICES
Nominal or current price variables refer
to values at the prices ruling when the variable was measured. Such prices have
not been adjusted for the effects of inflation.
NOMINAL DISCOUNT/INTERST RATE Nominal or current price variables refer
to values at the prices ruling when the variable was measured. Such prices have
not been adjusted for the effects of inflation.
NON-EXCLUDABILITY
Benefits that are available to all once
a good is provided are termed non-excludable. Goods whose benefits can be withheld
costlessly by the owner or provider generate excludable benefits. Firework displays,
pollution control devices and street lighting yield non-excludable benefits
because once they are provided, it is difficult if not impossible to exclude
individuals from their benefits.
NON-RECOURSE FINANCING Project financing for which no loan guarantees
or financial support is provided by the sponsors or governments to lenders for
the project.
NON-RIVALRY
A good is non-rival or indivisible when
a unit of the good can be consumed by one individual without detracting, in
the slightest, from the consumption opportunities still available to others
from that same unit. Sunsets are non-rival or indivisible when views are unobstructed.
NON-VESSEL OPERATING COMMON CARRIER
(NVOCC)
A cargo consolidator in ocean trades who
buys space from a carrier and re-sells it to smaller shippers. The NVOCC issues
bills of lading, publishes tariffs, and otherwise conducts itself as an ocean
common carrier, except that it does not provide the actual ocean or intermodal
service.
NON-RECURRING COSTS See investment expenditure.
NO-REGRETS MEASURES A project or policy intervention which
achieves its stated objective at no incremental cost.
NORMATIVE
ECONOMICS
Normative economics is the study of "what
should be" in economic matters. Normative economics is subject to, and relies
on, personal biases, opinions, and moral beliefs which may cloud the question
at hand. The study of normative issues is more than likely to exist in the realm
of political science and philosophy than in the strict study of economics, although
economists occasionally study normative topics.
NST/R
O
OLIGOPOLY
The situation in a market where there
are only a small number of large suppliers.
OLIGOPSONY
The situation in a market where there
are only a limited number of buyers.
ON-CARRIER
Person or company who contracts to transport
cargo from the port or place of discharge of a sea-going or ocean-going ship
to another destination by a different means of transport, such as truck, train
or barge.
ONE-TO-ONE (121)
See Customization.
OPERATING AND MANTEINANCE COSTS The costs of the energy, labour, materials
and environmental services required to operate and maintain the project during
a single year. Operating and maintenance costs may include fixed annual costs
associated with administration, insurance premiums and other general overheads.
However, they exclude any costs associated with the financing and depreciation
of plant or equipment. These are covered through the use of a capital recovery
factor when determining total annual costs or annual capital costs. As operating
and maintenance costs are incurred annually throughout the useful life of the
project, they are also known as recurring costs.
OPERATING COSTS OF TRANSPORT
These are running costs associated with
operation of transport services.
OPERATIONS RESEARCH The study of statistical
and mathematical methods, such as linear programming and simulation, in order
to analyze and solve organizational problems.
OPPORTUNITY COST
The value of a scarce resource in its
next best alternative use. The economic, or “true” private, cost of a resource
is given by its opportunity cost.
OPPORTUNITY COST OF CAPITAL The expected rate of return that is foregone
by investing in the project rather than in the best alternative investment.
OPTIMIZATION
It is a technique to achieve the best
possible solution to a problem in terms of a specified objective function.
ORDER CYCLE
The time and process involved from the
placement of an order to the receipt of the shipment.
ORDER PICKING
Putting together various products for
a given order.
ORDER POINT SYSTEM
Means of replenishing stock. A new replenishment
of stock is requested from the supplier (or other replenishment source) when
the company's current stock level falls to its calculated order point. The order
point is calculated from three factors: (1) the forecast off-take
of stock, expressed in units per time period; (2) the replenishment lead-time
of a new delivery; and (3) the safety stock provided to cover forecast error.
OUTPUT
The total value of the goods produced
or services performed (by a person, a company, an industry, or a whole country).
OUTSIDER
A carrier, which operates on a route served
by a liner conference but which is not a member of that conference.
OUTSOURCING
It is the transfer (or delegation) to
an external service provider the operation and day-to-day management of a business
process. The customer receives a service that performs a distinct business function
that fits into the customer's overall business operations. Sometimes the process
is one that historically has been performed by a vertically integrated enterprise.
More recently, outsourcing defines the services sector for those services that
were not part of the vertically integrated enterprise, such as telecommunications,
website hosting, transportation services, logistics, etc.
P
PACKAGE
Any physical piece of cargo in relation
to transport consisting of the contents and its packing for the purpose of ease
of handling by manual or mechanical means. The final product of the packing
operation consisting of the packing and its contents to facilitate manual or
mechanical handling.
PACKAGING
Materials used for the containment, protection,
handling, delivery and presentation of goods and the activities of placing and
securing goods in those materials.
PACKING LIST
Document specifying the contents of each
individual package.
PALLET
A device used for moving and storing freight.
It is used as a base for assembling, sorting, stacking, handling and transporting
goods as a unit load. It is constructed to facilitate the placement of a lift
truck's forks between the levels of a platform so it may be moved onto a freight
car or into a warehouse. Pallets are of standard dimensions. The most used in
Europe are 1000 mm x 1200 mm (ISO) and 800 mm x 1200 mm (CEN).
PANAMAX
Ship with dimensions that allow it to
pass through the Panama canal: maximum length 295 m, maximum beam overall 32.25
m, maximum draught 13.50 m.
PARCEL
See Package.
PARETO EFFICIENT
A resource allocation is said to be Pareto
efficient if there is no rearrangement that can make anyone better off without
making someone else worse off.
PARK ’N’RIDE
An arrangement whereby people can drive
an automobile to a transit hub, transfer station or terminal, park in the designated
lot, and use a transit vehicle for their ultimate destinations. PARTNERSHIP
A business run collectively by two or
more individuals, who share risks and profits.
PASSENGER-KILOMETRE
Unit of measure representing the transport
of one passenger over one kilometre.
PERFECT COMPETITION
Exists when there are a large number of
sellers and buyers, freedom to enter and leave markets, a complete flow of information,
etc.
PIER
The structure perpendicular to the shoreline
to which a vessel is secured for the purpose of loading and unloading cargo.
PIGGYBACK
The hauling of road vehicles and containers
on wheels or railroad flatcars.
PIGGY PACKER
A mobile container-handling crane used
to load/unload containers to/from railcars.
PICKING
Taking products or components out of a
stock.
PICKING LIST
A list used to collect items from stores
needed to fulfil an order. Synonym: Material issue list, Kitting list.
PILOTAGE
The act of assisting the master of a ship
in navigation when entering or leaving a port or in confined water.
PILOTAGE DUES
Fee payable by the owner or operator of
a ship for the services of a pilot; the fee is normally based on the ship’s
registered tonnage.
PLAN
A unified group of decisions that expresses
a country or region's economic and social development options, including the
specific measures required to achieve selected objectives. The plan is composed
of (1) a definition of objectives; (2) an ordering of human and material resources;
(3) an explicit determination of the methods and forms of organization, and
a timeframe; (4) the sectoral and spatial location of activities; and (5) other
specifications necessary to orient the execution and control of the development
process.
PLATFORM FLAT
A shipping container without sides, ends
or a roof. Normally 20 x 40 feet long, it is used for awkwardly shaped cargo
that cannot fit on or in any other type of container.
POCKET WAGON
A rail wagon with a recessed pocket to
accept the axle/wheel assembly of a semitrailer.
PORT Significant trading infrastructure. Maritime
facility generally made up of wharfs and loading/unloading infrastructure for
large vessels. Can include small craft facilities under an adjoining harbour.
PORTAL
A web site that is or is intended to be
the first place people see when using the web. Typically a “portal site” has
a catalogue of web sites, a search engine, or both. A portal site may also offer
e-mail and other service to entice people to use that site as their main point
of entry to the web.
PORT AUTHORITY
An entity of state or local government
that owns, operates, or otherwise provides wharf, dock and other marine terminal
investments at ports.
PORT DUES
Charges levied against a ship owner or
ship operator by a port authority for the use of a port.
PORT OF LOADING
The port at which a consignment of goods
was loaded onto the ship from which it is unloaded at the reporting port.
PORT OF UNLOADING
The port at which a consignment of goods,
loaded onto a ship at the reporting port, is to be unloaded from the same ship. POSITIVE ECONOMICS It is concerned with the description and
analysis of economic facts.
POST PANAMAX:
Ship with at least one dimension greater
than Panamax.
POSTPONEMENT
The delay of final activities (i.e., assembly,
production, packaging, etc.) until the latest possible time.
PREPAID
A freight term which indicates that charges
are to be paid by the shipper.
PRESENT VALUE
The amount of money today considered equivalent
to a cash inflow or outflow expected to take place in the future. That is, the
discounted value of future cash flows.
PRICE DEFLATOR
A price indicator used to convert (to
deflate) between nominal and real prices. The Gross Domestic Product (GDP) deflator
at market prices is an example of such a price indicator. The GDP market prices
deflator provides an index of inflation in the economy as a whole, and therefore
is equally applicable in removing the effects of inflation from industrial and
domestic prices.
PRICE DISCRIMINATION This is where users are charged according
to their willingness or ability to pay. Users valuing a service highly will
make a greater contribution to fixed costs than those who can afford to pay
less.
PRISONER’S DILEMMA A situation in which the independent pursuit
of self-interest by two parties makes them both worse off.
PRIVATE COST
The costs taken into account by identifiable
parties in making production and supply decisions.
PRIVATE SIDING
Direct rail connection to a company.
PRODUCTION FUNCTION The mathematical relation between the
maximum output of a good and the amount of inputs needed to produce it. PRODUCTIVITY
The amount of output produced in a certain
period, using a certain amount of inputs.
PRODUCT LIFE CYCLE
Refers to the time from a product's first
launch on the market until it is finally withdrawn.
PROGRAM EVALUATION AND REVIEW TECHNIQUE
(PERT)
An aid to efficient project management.
It is a tool to plan, schedule, and control a large number of activities in
a project within the specified technological sequence.
PROJECT
A planned and goal-oriented socio-economic
development activity requiring financial investment or human participation over
a given time. Examples include construction of physical infrastructure, the
extension of credit or financing, the diffusion of new technology, the conservation
or management of natural resources, and human resource development. As used
by DRD, this term does not cover most research and planning activities.
PROJECT FINANCING
Financing wherein the lender looks to
a project’s cash flows to repay the principal and interest on debt, and to a
project’s assets for security; also known as “structured financing” because
it requires structuring the debt and equity such that a project’s cash flows
are adequate to service the debt.
PROJECT LIFE-CYCLE All phases or stages between a project's
conception and its termination. Note: The project life cycle may include the
operation and disposal of project deliverables. This is usually known as an
“extended life-cycle”.
PROJECT MANAGEMENT
Application of
modern
management
techniques and
systems to the
execution of a
project from
start to finish,
to achieve predetermined
objectives of
scope,
quality,
time and
cost, to the equal
satisfaction of
those involved.
PROTECTIONISM
The practice of restricting imports
in order to increase the sales of domestic products.
PUBLIC GOODS AND SERVICES Those which are for the benefit of all
citizens. Public goods and services have the properties of non-rivalry in consumption
and non-excludability. For example, peace costs little or nothing for an extra
individual to enjoy. In addition, the costs of preventing any individual from
the enjoyment of this good are high.
PUBLIC LOGISTICS
The term has a twofold meaning: 1) logistics
for the public sector and for all the public agencies which have flows management
problems; 2) logistics as resource of a country, where logistics enters in the
sphere of interest and competence of a State.
PUBLIC SECTOR
Local government and nationalized industries
or services.
PUBLIC SPENDING
Government expenditure (on health, education,
social security, defense, etc.).
PUBLIC UTILITIES
Services such as the provision of water,
electricity, gas, etc
PURCHASING POWER
The ability of money to buy goods and
services. As the general price level rises, the purchasing power of money declines.
Thus, in periods of inflation, an ever increasing amount of money is required
to represent a given amount of purchasing power.
Q
QUEUEING
THEORY
The theoretical study of waiting lines,
expressed in mathematical terms including components such as number of waiting
lines, number of servers, average wait
time, number of
queues or lines, and probabilities of
queue times' either
increasing or decreasing.
QUICK RESPONSE (QR) A management system that makes manufacturing
and supplying of products more efficient.
R
RADIO FREQUENCY IDENTIFICATION (RFID)
RFID is a technology that uses radio-frequency
waves to transfer data between a reader and a tagged movable item to identify,
track or locate that item. RFID does not require physical sight or contact between
the reader (scanner) and the tagged item. Broadly speaking all RFID tags (also
called intelligent tags or smart labels) comprise a semi-conductor chip with
memory processing capability and a transmitter connected to an antenna. The
advantage of RFID over traditional barcode-based technologies is that it does
not require line of sight and can read in bulk.
RAILCAR
Tractive railway vehicle constructed for
the conveyance of passengers or goods by rail. The definition of the various
categories of locomotives (electric, diesel) apply, mutatis mutandis, to railcars.
Block composed of railcars and railcar trailers can be referred to as: - “multiple units” if it is modular; - “ trainset” if it is fixed. In motor vehicle statistics, each railcar
in an indivisible set is counted separately; in statistics of passenger vehicles
and goods vehicles, each body fitted to carry passengers or goods is counted
as a unit.
RAILCAR TRAILER
Non-tractive passenger railway vehicle
coupled to one or more railcars. Vehicles for the transport of goods, even when
pulled by a railcar, are referred to as wagons.
RAILHEAD
End of the railway line or point in the
area of operations at which cargo is loaded and unloaded.
RAIL LOADING GAUGE
The profile through which a rail vehicle
and its loads (wagons - ITUs) must pass, taking into account tunnels and track-side
obstacles. There are 4 basic gauges recognised by UIC: international gauge,
A, B and C gauge. These gauges are indicated for individual lines. In principle,
the smallest loading gauge may not be exceeded throughout the transport journey.
Restrictions regarding the width and height of the load in curves have to be
taken into account. Combined transport consignments often exceed loading gauges
A and B. Another gauge of particular significance for combined transport is
the B+ Gauge. There are also many other gauge codes (P/C/S/…) recognised.
RAIL TRANSIT
Railway transport in the same railway
vehicle through the reporting country between two places (a place of loading/embarkation
and a place of unloading/disembarkation) both located outside the reporting
country. Wagons loaded/unloaded at the frontier of that country onto/from another
mode of transport are included.
RAILWAY COMPANY
Any company acting mainly as a railway
undertaking which provides services for the transport of goods and/or passenger
by rail.
RAILWAY INFRASTRUCTURE MANAGER
Any public body or undertaking responsible
in particular for establishing and maintaining railway infrastructure, as well
as for operating the control and safety systems. An infrastructure manager can
delegate to another railway company the following tasks: maintaining railway
infrastructure, as well as for operating the control and safety systems.
RAILWAY UNDERTAKING Any public or private undertaking which
provides services for the transport of goods and/or passengers by rail. Included
are all undertakings that dispose of/provide traction. Excluded are railway
undertakings which operate entirely or mainly within industrial and similar
installations, including harbours, and railways undertakings which mainly provide
local tourist services, such as preserved historical steam railways. Sometimes
the term railway operator is used.
RAMSEY PRICING
This involves setting charges according
to the elasticity of demand of each user or group of users.
REACH STACKER
Tractor vehicle with front equipment for
lifting, stacking or moving ITUs.
REAL DISCOUNT/INTEREST RATE
A nominal discount/interest rate adjusted
for inflation so that it represents an increase in purchasing power. The real
discount/interest rate measures how much extra consumption you can have in period
2 if you give up some consumption in period 1.
REAL (CONSTANT) PRICES
Real or constant price variables adjust
nominal variables for changes in the general level of prices. They are inflation-adjusted
prices.
RECURRING COSTS
See operating and maintenance costs.
REENGINEERING
The
process of redesigning
a
product,
system or
process to be more
effective or
efficient.
REFEER (REFRIGERATED CONTAINER) A specialized container which holds perishable
goods at controlled temperatures.
REGIONALIZATION
Denotes the (empirical) process that leads
to patterns of co-operation, integration, complementarity and convergence within
a particular cross-national geographical space.
REINTERMEDIATION
Reintermediation refers to using the Internet
to reassemble buyers, sellers and other partners in a traditional supply chain
in new ways.
RELATIVE PRICES
The price of a particular good or service
relative to other goods and services in general. If any good or service is expected
to change relative to the general price level, then it is said to have changed
in real terms.
RETAIL DISTRIBUTION CENTRE (RDC) A distribution point operated by or on
behalf of a retailer that serves a number of stores in an area with a range
of products.
RETURN ON INVESTMENT (ROI) Return on Investment is the ratio of the
net gain from a proposed project, divided by its total costs. ROI is a great
measure for illustrating how much each dollar of expense will yield in returns.
An accurate ROI analysis measures both the tangible and intangible paybacks.
REVERSE LOGISTICS
The process of planning, implementing,
and controlling the efficient, cost-effective flow of raw materials, in-process
inventory, finished goods, and related information from the point of consumption
to the point of origin for the purpose of recapturing value or proper disposal.
ROAD RAILER
A specialized truck chassis that either
has retractable rail wheels or is lifted onto bogies that allow it to operate
directly on rail.
ROAD TRAIN
A truck cab hauling two or more trailers.
ROLLING-ROAD
Transport of complete road vehicles, using
roll-on roll-off techniques, on trains comprising low-floor wagons throughout.
ROLLING-ROAD WAGON A rail wagon with low floor throughout
which, when coupled together, form a rolling-road.
ROLLING STOCK
The vehicles used in a transit system,
including buses and rail cars.
ROLL-ON/ROLL-OFF
A specially constructed ship that allows
cargo to be rolled in and out doors on wheeled loading devices or under the
cargo’s own propulsion, such as motor vehicles.
RO-RO RAMP
A flat or inclined ramp, usually adjustable,
which enables road vehicles to be driven onto or off a ship or a rail wagon.
RUNNING COSTS The costs necessary to keep a particular
asset or service in operation. They do not enhance the value of the asset.
RUNNING TRACK
A track providing end-to-end line continuity
designed for trains between stations or places indicated in tariffs as independent
points of departure or arrival for the conveyance of passengers or goods.
S
SEAMLESS TRANSPORT SERVICES Transport services provided by different
services operators and different modes appear to the user as if they were a
part of a single system of integrated services, fares and tickets.
SECONDARY COSTS/BENEFITS Costs or benefits arising from a productive
activity that are not the main focus of that activity. Given this definition,
there is clearly an element of arbitrariness in the definition of what is secondary.
Where such costs/benefits exist, they give rise to the allocation of joint costs
- those production costs that have to be shared between the main output and
the secondary output.
SEMI-TRAILER
A non-powered vehicle for the carriage
of goods, intended to be coupled to a motor vehicle in such a way that a substantial
part of its weight and of its load is borne by the motor vehicle. Semi-trailers
may have to be specially adapted for use in combined transport. SERVER
Computer that handles requests for data,
e-mail,
file transfers, and other network services from other computers (i.e. clients).
Computers connected to the Internet which store web pages are referred to as
Hosts, or Host Servers.
SERVICE LEVEL AGREEMENTS (SLAs) They are specifications for services to
be delivered. SLAs define the type, value and conditions of the outsourcing
services to be provided. SLAs define the overall relationship by establishing
parameters for quality of service.
SHIP’S TACKLE
All rigging, etc., used on a ship to load
or unload cargo.
SHORT SEA SHIPPING (SSS) Movement of cargo by sea between ports
situated in Europe as well as between ports in Europe and ports situated in
non-European countries having a coastline on the enclosed seas bordering Europe.
SHUNTING
Operation of moving a rail vehicle or
set of rail vehicles inside a railway station or other railway installations
(depot, workshop, marshalling yard, etc.).
SHUTTLE SERVICE
The carriage back and forth over an often
short route between two points.
SIDE LOADER
A lift truck fitted with lifting attachments
operating to one side for handling containers.
SIDINGS
Tracks branching off running tracks.
SLOT
The space on board a vessel, required
by one TEU, mainly used for administrative purposes.
SOCIAL BENEFITS
The sum between private (internal) and
external benefits of any given activity are defined as the social benefits.
SOCIAL COSTS
The sum of the private (internal/financial)
and the external costs of any given activity are defined as the social costs.
SOCIALISM
Economic theory or system in which production
should be for the public good rather than private profit.
SPINE WAGON
A rail wagon with a central chassis designed
to carry a semi-trailer.
SPOTTING
Placing a container where required to
be loaded or unloaded.
SPREADER
Adjustable fitting on lifting equipment
designed to connect with the upper corner fittings of an ITU. Many spreaders
have in addition grappler arms that engage the bottom side rails of an ITU.
STACK CAR
An articulated multiple platform rail
car that allows containers to be double stacked.
STACKING
Storage or carriage of ITUs on top of
each other.
STACKTRAIN
A rail service whereby rail cars carry
containers stacked two high on specially operated unit trains.
STEVEDORE
A rail service whereby rail cars carry
containers stacked two high on specially operated unit trains.
STEVEDORING CHARGES Fees for loading and stowing or unloading
a ship.
STOCK KEEPING UNIT (S.K.U.) A part, material type, or a product for
which stock (inventory) is planned.
STOCK OUT
Reduction of a material’s usable inventory
level to zero.
STOWAGE FACTOR
The average cubic space occupied by one
tonne weight of cargo as stowed aboard a ship.
STRADDLE CARRIER
A rubber-tyred overhead lifting vehicle
for moving or stacking containers on a level reinforced surface.
STRUCTURAL MANTEINANCE
Maintenance of a capital nature such as
road resurfacing. The benefits of this type of maintenance are reaped over a
number of years.
STUFFING/STRIPPING Loading and unloading of cargo into or
from an ITU.
STURDONS
Port workers engaged in the stowage of
cargo in the holds of a ship.
SUNK COSTS
The cost of assets with zero resale value
or which have exceeded their economic life.
SUPER HIGH CUBE CONTAINER: Container exceeding ISO dimensions. These
dimensions vary and may include, for example, lengths of 45’ (13.72 m), 48’
(14.64 m), or 53’ (16.10 m).
SUPPLY CHAIN
The total sequence of business processes,
within a multiple enterprise environment, that enables customer demand for a
product or service to be satisfied.
SUPPLY CHAIN COLLABORATION
Situation in which retailers and suppliers
share forecasts, promotion plans and other data to determine the final forecast.
So they work on collaborative bases and share risks and profits.
SUPPLY CHAIN MANAGEMENT (SCM)
Organisation of the overall business
processes to enable the profitable transformation of raw materials or products
into finished goods and their timely distribution to meet customer demand.
All functions that make up the supply chain are managed as a single entity,
rather than managing individual functions separately.
SUPPLY CHAIN OPERATIONS REFERENCE MODEL
(SCOR)
A reference process model that was developed
by the Supply-Chain Council (SCC) and has become the cross-industry standard
for supply chain management. SCOR describes the supply chain from the supplier's
supplier through to the customer's customer as a series of interlinked source,
make, and deliver processes managed by a series of planning processes.
SUSTAINABILE DEVELOPMENT
A concept that has emerged in recent years,
based on the premise that development must meet the need of the present generation
without compromising the ability of future generations to meet their own needs.
SWAP BODY
A freight carrying unit optimised to road
vehicle dimensions and fitted with handling devices for transfer between modes,
usually road/rail.
SYSTEM INTEGRATORS
T
TANKER
Ship designed with a single deck and an
arrangement of integral or independent tanks specifically for the bulk carriage
of liquid cargo.
TARE
Weight of ITU or vehicle without cargo. TECHNICAL LIFE
The estimated “physical” life of an projects,
i.e. the time at which the asset literally wears out due to “physical” deterioration.
The estimated technical life of an project depends on the ordinary and extraordinary
maintenance regime; a good repair policy may lengthen the life of the asset.
TERMINAL
A place equipped for the transhipment
and storage of ITUs.
TERMINAL COSTS
Transhipment and loading costs which must
be paid regardless of the distance involved.
TERRITORIAL LOGISTIC SERVICES CENTRES
Public or private structure equipped with
network informatic and telematic tools and technologies in order to fulfil
both the logistic-informatic and training needs of a community, business, district,
geographic area.
TEU
Twenty-foot Equivalent Unit. A standard
unit based on an ISO container of 20 feet length (6.10 m), used as a statistical
measure of traffic flows or capacities.
TEU-KILOMETRE OFFERED Unit of measure representing the movement
of one TEU of capacity in a container ship over one kilometre.
THIRD PARTY LOGISTICS PROVIDER (3PL) An outsourced provider that manages all
or a significant part of an organization's logistics requirements and performs
transportation, locating and sometimes product consolidation activities. See
also Logistics Operator.
THROUGH FLOWS
Trips that have neither an origin or destination
within the region but are simply passing through the region.
THROUGHPUT CHARGE
The charge for moving a container through
a container yard off or onto a ship.
TIME PREFERENCE
Refers to the preference of an individual
or society for current consumption versus future consumption. For example, if
an additional unit of consumption in any one year has the same social value
as 1.10 additional units of consumption in the following year, then the marginal
time preference rate (or implied social discount rate) is 10 per cent.
TIME TO MARKET
Time from the point the product is first
conceived to when it is launched on the market.
TIR
Transport Internationaux Routiers.
T.O.F.C. (TRAILER-ON-FLATCAR) A transportation arrangement in which
a truck trailer is moved by train to a destination. Also called “Piggybacking.” TOLL
Pre-established price for the use of an
infrastructure.
TONNE KILOMETRES
The number of tonnes moved multiplied
by the distance travelled in kilometres (e.g. 25 tonnes of freight moved a distance
of 100 kilometres is 2,500 tonne kilometres).
TOP OFF
To fill a ship that is already partly
loaded with cargo. Typically occurs where there is a draught restriction at
the first load port - the ship loads a quantity of cargo corresponding to the
permissive draught, then fills up at the second port where there is no restriction.
TOP STOW CARGO
Goods that are stowed on top of all others
in a ship’s hold because of their relatively low density and the probability
that they would be damaged if over-stowed.
TOP LIFT
Attachment to a fork-lift truck that is
designed to lift a shipping container.
TOTAL ANNUAL COSTS See levelised costs.
TOTAL COST
This is an imprecise term, which is used
to refer to the sum of the capital (fixed) and variable costs (with or without
discounting), the sum of the external and private costs etc. Without further
qualification it has little meaning.
TOTAL MARKET CAPITALIZATION
A market value measure of shareholders’
equity calculated by multiplying the number of common shares outstanding by
the closing stock price.
TOTAL QUALITY
Holistic sufficiency, efficiency, efficacy
and effectiveness in all organization functions to accomplish continuous excellence
in business outcomes.
TOTAL QUALITY CONTROL (TQC) The application of precepts and procedures
intended to promote continuous improvement within the company and the production
of goods and services conforming to customer requirements. Total quality control
applies not merely to activities relating to physical manufacture (important
though conforming product units may be). As well, it applies to such non-technical
activities as (say) the issuance of printed instructions to enable the customer
to use the units easily and the conduct of consumer surveys to ensure that the
requirements of the customer are anticipated in design and product development
in the first place.
TOTAL QUALITY MANAGEMENT (TQM) The smooth operation of the activities
connected with total quality control will inevitably from time to time meet
problems or will be seen to be deficient in some way. TQM is the guidance, control,
review and adjustment of the operation of the procedures included in TQC.
TOWAGE
Charges for the services of tugs assisting
a ship or other vessels in ports.
TRAILER
The non-powered truck unit that carries
freight in a tractor-trailer combination. Trailers are commonly seen as the
cargo unit of an “18-wheeler” or five-axle “truck.”
TRACK
A pair of rails over which railway vehicles
can run.
TRACK GAUGE
The distance between the internal sides
of rails on a railway line. It is generally 1.435 m. Other gauges are generally
used in some European countries: for instance, 1.676 m in Spain and Portugal,
1.524 m in the Russian Federation.
TRAIN-KILOMETRE
Unit of measure representing the movement
of a train over one kilometre. The distance to be covered is the distance actually
run.
TRANS EUROPEAN NETWORK (TEN) Generic term for interconnected networks
and services available on a pan-European basis.
TRANSFER CONTROL PROTOCOL/INTERNET
PROTOCOL (TCP/IP)
These two protocols were developed by
the U.S. military to allow computers to talk to each other over long distance
networks. IP is responsible for moving packets of data between nodes. TCP is
responsible for verifying delivery from client to server. TCP/IP forms the basis
of the Internet, and is built into every common modern operating system (including
all flavors of Unix, the Mac OS, and the latest versions of Windows).
TRANSHIPMENT
Moving ITUs from one means of transport
to another. The term also means a distribution method whereby containers are
moved between large mother ships and small feeder vessels, or between equally
large ships plying north-south (Europe-Africa) and eastwest (Asia-Europe) routes.
TRANSIT TIME
The elapsed time between the collection
of goods at the origin and their delivery at the destination.
TRANSLOADING
The practice of breaking (transferring)
bulk shipments from the vehicle/container of one mode to that of another at
one or a series of terminal interchange points.
TRANSPORTABILITY
The convenience at which passengers, freight
or information can be moved. It refers to transport costs, but also to the attributes
of the what is being transported (fragility, perishable, price). Some institutional
factors can also influence transportability such as laws, borders and tariffs.
If transportability was optimal, the spatial division of labor and production
would be absolute at the global scale. Some goods, such as semiconductors, are
almost reaching this condition since they have a high value to weight ratio.
TRANSPORTATION MANAGEMENT SYSTEM (TMS) Category of operations software that may
include products for shipment manifesting, rate shopping, routing, fleet management,
yard management, carrier management, freight cost management.
TRANSPORT DEMAND
Inquired quantity of transport.
TRANSPORT INFRASTRUCTURE Fixed linear or punctual framework able
to concur the realization of transportation activities.
TRANSPORT INTENSITY
Effect of the economies’ globalisation
and exchanges’ liberalisation, which determines a growth both of the volume
of the commodities in movement and distances to manage. Consequently, in the
majority of the advanced countries the rate of growth of the transport demand
overcomes the rate of growth of the GNP.
TRANSPORTATION NETWORK
It can be defined as the framework in
which transportation activities are executed. It is composed both by terminal
or punctual infrastructures (ports, airports, etc.) and linear infrastructures
(road, rails, maritime and aerial routes).
TRANSPORT MODE
A transport mode is a method of moving
passengers or freight. The main transport modes are road, rail, sea, air and
pipelines.
TRANSPORT SUPPLY
Realizable quantity of transport.
TRANSPORT WHITE PAPER
Document through which European
Commission analyzes the transports' problems and exposes future possible lines
of realization. Such document doesn't have binding character, but it is entirely
a document of reflection, while acting as a reference for future community realizations.
TRANSROULAGE (RO-RO)
Loading and unloading of a road vehicle,
a wagon or an ITU on or off a ship on its own wheels or wheels attached to it
for that purpose. In the case of rolling road, only road vehicles are driven
on and off a train.
TURNAROUND
The time it takes between the arrival
of a vessel and its departure from port; frequently used as a measure of port
efficiency.
TWISTLOCK
Standard mechanism on handling equipment
which engages and locks into the corner fittings of ITU; also used on ships
and vehicles to fix ITUs.
TWO BIN SYSTEM
A system of reordering goods based on
using two storage bins to regulate reordering times. A order is placed for re-supply
when the larger bin is emptied.
TWO-PART TARIFFS
Two-part tariffs comprise a fixed charge
plus a variable charge. In principle, the latter would be related to marginal
costs and the former would be set to contribute to fixed costs.
TWO-WAY PALLET
Pallet permitting the entry of the fork
arms of fork-lift trucks or pallet trucks from two opposite directions only.
U
UNACCOMPANIED COMBINED TRANSPORT Transport of a road vehicle or an intermodal
transport unit (ITU, see 4.1), not accompanied by the driver, using another
mode of transport (for example a ferry or a train).
UNIT LOAD
Palletised load or prepacked unit with
a footprint conforming to pallet dimensions and suitable for loading into an
ITU.
UNITIZATION
The consolidation of a quantity of individual
items into one large shipping unit for easier handling.
UNMOOR
To remove the ropes that attach a ship
to the shore.
UNSTUFF
To unload a shipping container.
V
VALUE ADDED NETWORK A clearing house for electronic transfers
between partners.
VALUE
CHAIN
It refers to a business as a “collection
of interdependent activities, which in turn, form part of a continuous system
that stretches back to suppliers and forward to channels and customers. Using
the value chain framework, Michael Porter suggests advantage can be captured
through improvement or reorganization of these value activities.
VARIABLE COSTS
Costs that vary directly with the level
of activity within a short time. Examples include costs of moving cargo inland
on trains or trucks, stevedoring in some ports, and short-term equipment leases.
VEHICLE-KILOMETRE
Unit of measurement representing the movement
of a vehicle over one kilometre. The distance to be considered is the distance
actually run. It includes movements of empty vehicles. Units made up of a tractor
and a semi-trailer or a lorry and a trailer are counted as one vehicle.
VENDOR MANAGEMENT INVENTORY (VMI)
In VMI the Vendor (supplier) manages the
stock levels and availability in his customer’s warehouse, based on forecast
demand.
VERTICAL INTEGRATION
It means a company merges or takes over
other companies in the same supply chain.
VESSEL MANIFEST
Declarations made by international ocean
carriers relating to the ship’s crew and contents at both the port of departure
and arrival. All Bills of Lading are registered on the manifest.
W
WAGON
Railway vehicle normally intended for
the transport of goods. Railcars and railcar trailers fitted only for the conveyance
of goods are included.
WAREHOUSE
A place for the reception, delivery, consolidation,
distribution, and storage of goods and cargo.
WAREHOUSE MANAGEMENT SYSTEM (WMS) Computer software designed specifically
for managing the movement and storage of materials throughout the warehouse.
WMS functionality is generally broken down into the following three operations:
Putaway, Replenishment, and Picking. The key to these systems is the logic to
direct these operations to specific locations base on user defined criteria.
WMSs are often set up to integrate with data-collection systems.
WAREHOUSING
Storing goods in warehouses; in finance,
using other people to buy shares prior to a takeover bid.
WAYBILL
Document, issued by a shipping line to
a shipper, which serves as a receipt for the goods and evidence of the contract
of carriage.
WEB CONTENT MANAGER Professional figure specialized in development,
organization and supply of publishing contents for a web-site. He is often responsible
also for both the graphic-functional architecture and updatings of the site.
WEB MASTER
Professional figure responsible for both
the computer programming and maintenance of a web-site.
WEB MARKETING
Technique that promotes your brand, image
or web site on the Internet using Search Engines, Directories, Online Advertising
banners, email advertising, web site sponsorship etc.
WELFARE ECONOMICS
Branch of economics that is concerned
with improving the quality of life by a fairer distribution of wealth and an
adequate provision of social welfare.
WHARF
Structure built alongside the water or
perpendicular to the shore where ships berth for loading or discharging goods.
WHARFAGE
Charge assessed by a pier or dock owner
against freight handled over the pier or dock or against a steamship company
using the pier or dock.
WHAT-IF-ANALYSIS
An affordability analysis that is based on a what-if scenario. A what-if
analysis is useful if you do not have complete data or if you want to explore
the effect of various changes to your income, liabilities, or available funds
or to the qualifying ratios or down payment expenses that are used in the analysis.
WIDE AREA NETWORK (WAN)
Any internet or network that covers an
area larger than a single building or campus.
WIN-WIN MEASURES
See no-regrets measures.
WORK IN PROGRESS/PROCESS Partially manufactured goods.
WORLD WIDE WEB (WWW) An Internet client-server system to distribute
information, based upon the hypertext transfer protocol (HTTP). Also known as
W3 or the Web, it was created at CERN in Geneva, Switzerland in 1991 by Dr.
Tim Berners-Lee.
X
XML
Also known as “Extensible Markup Language”,
is a meta-language that tags, or classifies, each data “object” within a data
base or a message. The software programmers defines the attributes of the data
object.
Y
There are no currently
terms in the glossary under this letter.
Z
There are no currently
terms in the glossary under this letter.