Abc analysis: a classification of items in an inventory according to importance defined in terms of criteria such as sales volume and purchase volume. Abc classification

Tender: The document which describes a business transaction to be performed.
Terms and Conditions (T's & C's): All the provisions and agreements of a contract.
Theory of Constraints (TOC): A production management theory which dictates that volume is controlled by a series of constraints related to work center capacity, component availability, finance, etc. Total throughput cannot exceed the capacity of the smallest constraint, and any inventory buffers or excess capacity at non-related work center is waste.
Third Party Logistics: Outsourcing all or much of a company's logistics operations to a specialized company.
Third Party Logistics Provider (3PL): A firm which provides multiple logistics services for use by customers. Preferably, these services are integrated or bundled together, by the provider. These firms facilitate the movement of parts and materials from suppliers to manufacturers, and finished products from manufacturers, and finished products from manufacturers to distributors and retailers. Among the services they provide are transportation, warehousing, cross docking, inventory management, packaging, and freight forwarding.
Third Party Warehousing: The outsourcing of the warehousing function by the seller of the goods.
Throughput: A measure of warehousing output volume (weight, number of units). Also, the total amount of units received, plus the total amount of units shipped divided by two.
TL: *See Truckload Carriers (TL)
TMS: See Transportation Management System
TOC: See Theory of Constraints
TOFC: *See Trailer on a Flat Car, Piggyback (TOFC)
Total Annual Sales: Total Annual Sales are Total Product Revenue plus post-delivery revenues (e.g., maintenance and repair or equipment, system integration) royalties, sales of other services, spare parts revenue, and rental/lease revenues.
Total Average Inventory: Average normal use stock, plus average lead stock, plus safety stock.
Total Cost Analysis: A decision-making approach that considers minimization of total costs and recognizes the inter-relationship among system variables, such as transportation, warehousing, inventory, and customer service.
Total Cost Curve: 1) In cost-volume-profit (break-even) analysis, the total cost curve is composed of total fixed and variable costs per unit multiplied by the number of units provided. Break-even quantity occurs where the total cost curve and total sales revenue curve intersect.2) In inventory theory, the total cost curve for an inventory item is the sum of the costs of acquiring and carrying the item.
Total Cost of Ownership (TCO): Total cost of a computer asset throughout its life cycle, from acquisition to disposal. TCO is the combined hard and soft costs of owning networked information assets. "Hard" costs include items such as the purchase price of the asset, implementation fees, upgrades, maintenance, contracts, support contracts, disposal costs, and license fees that may or may not be up-front or charged annually. These costs are considered "hard costs" because they are tangible and easily accounted for.
Total Cumulative Manufacture Cycle Time: Average time between commencement of upstream processing and completion of final packaging for shipment operations as well as release of approval for shipment. Does not include WIP storage time.
Calculation: [Average # of units in WIP]/[Average daily output in units] - WIP days of supply