Warehouse Dictionary

Valid minimum thru Voice Activated

 

 

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V

Valid minimum
an EOQ that corresponds to a point on the valid total cost curve when costs are discounted
Valid total cost curve
the stepped curve that connects valid sections of a family of cost curves when there are price discounts
Valuation Charges
Transportation charges to shippers who declare a value of goods higher than the value of the carriers’ limits of liability.
Value Added
Increased or improved value, worth, functionality, or usefulness.
Value-Added Network (VAN)
A company that acts as a clearinghouse for electronic transactions between trading partners. A third party supplier that receives EDI transmissions from sending trading partners and holds them in a mailbox until retrieved by the receiving partners.
Value-Added Productivity Per Employee
Contribution made by employees to total product revenue minus the material purchases divided by total employment. Total employment is total employment for the entity being surveyed. This is the average full-time equivalent employee in all functions, including sales and marketing, distribution, manufacturing, engineering, customer service, finance, general and administrative, and other. Total employment should include contract and temporary employees on a full-time equivalent (FTE) basis.Calculation: Total Product Revenue-External Direct Material/[FTEs]
Value Adding/Non-Value Adding
Assessing the relative value of activities according to how they contribute to customer value or to meeting an organization’s needs. The degree of contribution reflects the influence of an activity’s cost driver(s).
Value Analysis
A method to determine how features of a product or service relate to cost, functionality, appeal and utility to a customer (i.e., engineering value analysis).
Value Chain
A series of activities, when combined, define a business process; the series of activities from manufacturers to the retail stores that define the industry supply chain.
Value Chain Analysis
A method of identifying all the elements in the linkage of activities a firm relies on the secure the necessary materials and services starting from their point of origin to manufacture, and to distribution of their products and services to an end user.
Value-of-Service Pricing
Pricing according to the value of the product the company is transporting; third-degree price discrimination; demand-oriented pricing; charging what the traffic will bear.
Value Proposition
What the hub offers to members. To be truly effective, the value proposition has to be two-sided – a benefit to both buyers and sellers.
Variable Cost
A cost that fluctuates with the volume or activity level of business.
Velocity
Rate of product movement through a warehouse.
Vendor
The manufacturer or distributor of an item or product line.
Vendor Code
a unique identifier, usually a number and sometimes the company’s DUNS number, assigned by a customer for the vendor it buys from.Example: a grocery store chain buys Oreo cookies from Nabisco. For accounting purposes, the grocery store chain identifies Nabisco as Vendor #76091. One company can have multiple vendor codes. Example: Welch’s Foods sells many different products – frozen grape juice concentrate, chilled grape juice, bottled grape juice, and grape jelly. Because each of these items is a different type of product (frozen food, chilled food, beverages, dry food), they may also have a different buyer at the grocery store chain, requiring a different vendor code for each product line.
Vendor-Managed Inventory (VMI)
The practice of retailers making suppliers responsible for determining order size and timing usually based on receipt of retail POS and inventory data. Its goal is to increase retail inventory turns and reduce stock outs.
Vertical Hub/Vertical Portal
Serving one specific industry. Vertical portal web sites are ones that cater to customers within a particular industry. Similar to the term “vertical industry,” these web sites are industry specific, and, like a portal, they make use of Internet technology by using the same kind of personalization technology. In addition to industry-specific vertical portals that cater to consumers, another definition of a vertical portal is one that caters solely to other businesses.
Vertical Integration
The degree to which a firm has decided to directly produce multiple value-adding stages, from raw material to the sale of the product to the ultimate consumer. The more steps in the sequence, the greater the vertical integration. A manufacturer that decides to begin producing parts, components, and materials that it normally purchases is said to be backward integrated. Likewise, a manufacturer that decides to take over distribution and perhaps sale to the ultimate consumer is said to be forward integrated.
Vessel
A floating structure designed for transport.
Vessel Manifest
A list of all cargoes on a vessel.
Visibility
The ability to access or view pertinent data or information as it relates to logistics and the supply chain, regardless of the point in the chain where the data exists.
Vision
The shared perception of the organization’s future – what the organization will achieve and a supporting philosophy. This shared vision must be supported by strategic objectives, strategies, and action plans to move in in the desired direction.
Voice Activated
Systems which guide users such as warehouse personnel via voice commands.

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