Toyota’s management philosophy has evolved from the country’s origins and has been reflected in the terms “Lean Manufacturing” and “Just in Time Production”, which was instrumental in developing.
The Activity-based Costing (ABC) model is one of the many approaches to estimate logistics costs. The term was coined in the late 1980s by Robert Cooper and Robert Kaplan in their article titled, “Measure Costs Right: Make the Right Decisions.”
Often the efficiency of the logistics function of a business is estimated in terms of value. But there is no concrete definition of the term ‘value’ in logistics.
Demand forecasting is defined as an approach used for analyzing future demand in comparison to the previous ones. The purpose of demand forecasting is to apply future planning and decision in the domain of finance, logistics, operation and sales.
Reverse logistics is often known as aftermarket logistics or aftermarket supply chain. It is described as the activities that are carried out to recapture the value after the product has been sold (Dekker, et al., 2013).