Glossary

Now what exactly was …? The world of logistics is full of technical terms, and new terms are constantly being added. Our glossary explains them all in a nutshell. If a term you are looking for is not listed here, please don't hesitate to contact us. We'll be happy to add your technical term to our list.



Entries beginning with «m»

MAWB
Master Air Waybill

Air Waybill issued by the originating airline when more than one airline is involved with a shipment, or when a freight forwarder issues a House Air Waybill.

Milk run

The term milk run refers to a special type of direct transport in which the route, the quantity of goods to be delivered and the times of delivery are fixed in advance. The deliverer visits the various recipients along the route and drops off or picks up goods. This system usually does not require transshipment facilities. The milk run method ensures a balanced daily workload and allows safety stock to be minimized.

Minimum inventory level

The minimum inventory level refers to the threshold quantity of goods in stock below which the inventory should not be allowed to fall. This is essential to be able to cater for deadline-related and quantity-related fluctuations in inbound and outbound stock. The factors involved in calculating the minimum inventory level are the specified replacement time for the goods in question, the probability of this replacement time being exceeded, readiness to deliver, withdrawals of excessive stock and the number of warehouses. An accurately calculated balance is crucial, as inability to deliver on time will result in out-of-stock costs, while storage costs will rise if the minimum inventory level is calculated too high.

Monitoring

A Monitoring is the permanent observation of a vehicle via telematics / GPS System and (or) the examination of conformity of the given trip distance in agreed upon time intervals.