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Logistic Glossary – Letter O
Obsolete Inventory
Inventory for which there is no forecast demand expected. A condition of being out of date. A loss of value occasioned by new developments that place the oldeer property at a competitive disadvantage.
Ocean Bill of Lading The bill of lading issued by the ocean carrier to its customer.
Ocean Carrier An enterprise that offers service via ocean (water) transport.
OEM
Original Equipment Manufacturer (OEM).
Offer
Tender.
Offshore Utilizing an outsourcing service provider located in a country other than where the client is located.
Operational Performance Measurements (1) In traditional management, performance measurements related to machine worker, or department efficiency or utilization. These performance measurements are usually poorly correlated with organizational performance. (2) In theory of contraints, performance measurements that link causally to organizational performance measurements. Throughput, inventory, and operating expense are examples. Also see Performance Measures.
Optimization The process of making something as good or as effective as possible with given resources and constraints.
Order Cycle Time The time that elapses from placement of order until receipt of order. This includes time for order transmittal, processing, preparation, and shipping.
Order Entry and Scheduling The process of receiving orders from the customer and entering them into a company's order processing system. Orders can be received through phone, fax, or electronic media. Activities may include "technically" examining orders to ensure an orderable configuration and provide accurate price, checking the customer's credit and accepting payment (optionally), identifying and reserving inventory (both on hand and scheduled), and committing and scheduling a delivery date.
Order Fill A measure of the number of orders processed without stockouts, or the need to back order, expressed as a percentage of all orders processed in the distribution center or warehouse.
Order Management Costs One of the elements comprising a company's total supply chain management costs. These costs consist of the following
Order Picking Assembling a customer's order from items in storage.
Order Processing Activities associated with filling customer orders.
Ordering Cost The cost of placing an inventory order with a supplier.
Original Equipment Manufacturer (OEM) A manufacturer that buys and incorporates another supplier's products into its own products. Also, products supplied to the original equipment manufacturer or sold as part of an assembly. For example, an engine may be sold to an OEM for use as that company's power source for its generator units.
Outbound Logistics The process related to the movement and storage of products from the end of the production line to the end user.
Out-of-Pocket Cost
The cost directly assignable to a particular unit of traffic and which a company would not have incurred if it had not performed the movement. To utilize a third party provider to perform services previously performed in house. Examples include manufacturing of products and call center/customer support.
Outsourced Cost-of-Goods Sold Operations performed on raw material outside of the responding entity's organization that would typically be considered internal to the entity's manufacturing cycle. Outsourced cost-of-goods sold captures the value of all outsourced activities that roll up as cost-of-goods sold. Some examples of commonly outsourced areas are assembly, test, metal finishing or painting, and specialized assembly process.
Over, Short, and damaged (OS&D) This is typically a report issued at the warehouse when goods are damaged. Used to file a claim with a carrier.
Over-the-Road A motor carrier operation that reflects long-distance moves; the opposite of local operations.
Owner/Operator A truck driver who owns and operates his/her tractor/trailer.
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