Supply Chain Glossary – F Letter

Description

• Forecast Accuracy: Forecast accuracy measures how closely actual demand matches forecasted demand, crucial for inventory planning and production.
• Facility Layout: Facility layout involves designing the physical arrangement of equipment and workstations for efficient workflow.
• Fulfillment Center: A fulfillment center is a facility dedicated to processing and shipping customer orders, commonly used in e-commerce.
• Freight Forwarder: A freight forwarder is a company that arranges transportation and logistics services for shipping goods.
• Flowchart: A flowchart is a visual representation of a process, helping to analyze and improve process efficiency.
• Fleet Management: Fleet management involves overseeing and optimizing a company’s vehicle fleet, including maintenance and scheduling.
• Finished Goods: Finished goods are products that have completed the manufacturing process and are ready for sale or distribution.
• Feasibility Study: A feasibility study assesses the practicality and viability of a project or initiative before implementation.
• Forecasting Methods: Forecasting methods include various techniques for predicting future demand and trends in supply chain and production.
• FIFO (First-In, First-Out): FIFO is an inventory management method where the oldest stock is used or sold first to prevent spoilage or obsolescence.
• Facility Management: Facility management involves the maintenance and operation of physical facilities, such as factories and warehouses.
• Forward Integration: Forward integration occurs when a company expands its operations downstream by acquiring distributors or retailers.
• Freight Rate: A freight rate is the cost of transporting goods, typically based on factors like distance and weight.
• Flow Manufacturing: Flow manufacturing focuses on creating continuous and efficient production processes with minimal interruptions.
• Forecast Error: Forecast error measures the difference between actual demand and the forecasted demand, aiding in demand planning.
• Fixed Costs: Fixed costs are expenses that remain constant, regardless of production or sales levels, such as rent and salaries.
• Feeder Warehouse: A feeder warehouse is a facility that supplies products to a larger distribution center for further distribution.
• Flexible Manufacturing: Flexible manufacturing systems can adapt to changes in product design and production volume, enhancing agility.
• Freight Insurance: Freight insurance provides coverage for lost or damaged goods during transportation.
• Flow Time: Flow time is the total time it takes for a product or task to move through a process, including processing and waiting time.
• Fault Tree Analysis: Fault tree analysis is a technique used to identify and analyze potential causes of failures or incidents.
• Frequency Distribution: Frequency distribution organizes data into categories and displays the frequency or count of each category.
• Full Truckload (FTL): FTL shipping involves filling an entire truck with one shipper’s goods, often cost-effective for large shipments.
• Facility Expansion: Facility expansion involves increasing the physical size or capacity of an industrial facility to accommodate growth.
• Forecast Bias: Forecast bias indicates a consistent overestimation or underestimation in demand forecasting, requiring adjustments.
• Freight Broker: A freight broker acts as an intermediary between shippers and carriers to arrange transportation services.
• Failure Mode and Effects Analysis (FMEA): FMEA is a structured approach to identify and mitigate potential failures in processes or products.
• Flexible Pricing: Flexible pricing allows for adjustments in product pricing based on market conditions and customer demand.
• Flow Control: Flow control techniques regulate the movement of materials or information in supply chain processes.
• Finished Goods Inventory: Finished goods inventory is the stock of completed products available for sale or distribution.
• Forecast Bias Correction: Forecast bias correction methods are used to improve the accuracy of demand forecasts by reducing bias.