VECP

Value Engineering Change Proposal

Vehicle Telemetric Systems

A system composed of vehicle interface units (VIUs), wireless gateways, and a central host that monitors and tracks a driver and their vehicle performance in an effort to provide a higher level of security.

Velocity

Rate of product movement through a warehouse.

Vendor

The manufacturer or distributor of an item or product line.

Vendor Code

A unique identifier assigned by a customer to the vendor from which it makes purchases, typically a number or the company's Data Universal Numbering System (DUNS) number.

Vendor-Managed Inventory (VMI)

The practice of retailers allowing their suppliers to take responsibility for determining supply order size and timing is called vendor-managed inventory.

Vendor Owned Inventory (VOI)

Consignment Inventory

Vertical Hub/Vertical Portal

Websites that cater to consumers or businesses within a particular industry.

Vertical Integration

A style of management control where a firm owns its upstream suppliers and its downstream buyers.

Vessel

A floating structure designed for transportation.

Vested Outsourcing (VO)

An outsourcing relationship where companies and their suppliers become vested in each other's success.

VICS

Voluntary Inter-industry Commerce Standards.

Viral Marketing

The concept of embedding advertising into web portals, pop-ups, and email attachments is used to spread the word about products or services.

Virtual Corporation

A business that has few employees and outsources nearly all of its work, or a consortium of businesses that pursue a common goal.

Visibility

The ability to access or view pertinent data or information as it relates to logistics and the supply chain.

Visible Skills Matrices

Skills Matrix

Vision

A mission statement reflects the aspirations of a business's management and specifies its intended direction or future destination.

VMI

Vendor Managed Inventory

VO

Vested Outsourcing

VOI

Vendor-Owned Inventory

Voice Activated or Voice Directed

Systems that guide users, such as warehouse personnel, via voice commands.

Voice of The Customer

The process of capturing a customer's requirements using market research is used to determine a customer's wants and needs. This information is then organized into a hierarchical structure and prioritized based on importance and satisfaction with current alternatives.

Wagner-Whitin Algorithm

A dynamic programming lot-sizing model evaluates multiple alternatives that consider period demand, production, holding, and setup costs to produce an optimal lot size that varies for each period as required.

Wall-to-Wall Inventory

An inventory control technique where all inventory locations within the warehouse are counted at one time, as opposed to doing a cycle count of smaller groups.

WAN

A computer network that covers a broad area (i.e., any network whose communication links cross metropolitan, regional, or national boundaries) is called a wide area network (WAN). The Internet is the largest and most well-known example of a WAN.

Warehouse

Storage place for products. Principal warehouse activities include receipt of product, storage, shipment, and order picking.

Warehouse Management System (WMS)

The systems used in effectively managing warehouse business processes and directing warehouse activities include receiving, putaway, picking, shipping, and inventory cycle counts. It also includes support for radio-frequency communications, allowing real-time data transfer between the system and warehouse personnel. These systems also maximize space and minimize material handling by automating putaway processes.

Warehousing

The storing (holding) of goods.

Warranty

An obligation or guarantee that a product or service sold is factually stated or legally implied by the seller. Oftentimes, warranties provide a specific remedy, such as repair or replacement, in the event the product or service fails to meet the warranty.

Warranty Costs

Includes materials, labor, and problem diagnosis for products returned for repair or refurbishment.

Waste

Any activity or process that does not add value to the goods or services required by the customer is considered waste. Examples of waste include move time, inventory counting, inspection, production of defective material, rework, etc.

Waste Electrical and Electronic Equipment (WEEE)

Waste Electrical and Electronic Equipment is a loose category of surplus, obsolete, broken, or discarded electrical or electronic devices. The processing of electronic waste in developing countries causes serious health and pollution problems due to a lack of containment, as do unprotected landfills (due to leaching) and incineration. The Basel Convention and regulations by the European Union and individual United States aim to reduce these problems. Reuse and computer recycling are promoted as alternatives to disposal as trash.

Waterway Use Tax

A per-gallon tax is assessed on barge carriers for the use of the waterways.

Wave Picking

A variation on zone picking is where, rather than orders moving from one zone to the next for picking, all zones are picked at the same time. The items are later sorted and consolidated into individual orders/shipments.

Waybill

Document containing a description of goods that are part of a common carrier freight shipment. It shows the origin, destination, consignee/consignor, and the amount charged. Copies travel with the goods and are retained by originating/delivering agents. It is used by the carrier for internal record and control, especially during transit. It is not a transportation contract.

Web

A computer term used to describe the global internet.

Web 2.0

These technologies, which rely on user collaboration, include web services, peer-to-peer networking, blogs, podcasts, and online social networks.

Web Browser

A client application that fetches and displays webpages and other World Wide Web resources to the user.

Web Services

A computer term for information processing services that are delivered by third parties using internet portals: standardized technology communication protocols; network services as collections of communication formats or endpoints capable of exchanging messages.

Web Site

A location on the internet.

WeightBreak

The shipment volume at which the LTL charges equal the TL charges at the minimum weight.

Weight Confirmation

The practice of confirming or validating receipts or shipments based on the weight.

Weighted-Point Plan

A method of analyzing a group of candidates (employees, suppliers, etc.) using a rating approach that gathers data and assigns weights to each evaluation category.

Weight-Losing Raw Material

A raw material that loses weight during processing.

What If Scenarios

A method to determine the effect different costs or investments have on profit and other financial indicators. Examples of costs or investments that would be evaluated are the financial effects of different pricing models, warehousing options, the number of employees, or raw materials options.

What You See Is What You Get (WYSIWYG)

An editing interface in which a file is displayed as it will appear to an end user.

Wholesaler

A business and industry that acts as a third-party local representative and distribution point for a manufacturing firm. These firms may perform some light assembly or kitting of goods but generally provide a buffer for finished goods. Distributors typically purchase the goods in quantity from the manufacturer and ship them to customers in smaller quantities. Synonym: Wholesaler.

Wide Area Network (WAN)

A computer network that covers a broad area (i.e., any network whose communication links cross metropolitan, regional, or national boundaries) is called a wide area network (WAN). The Internet is the largest and most well-known example of a WAN.