TLMT: BRIEF REPORT
TLMT is an abbreviation of Transport and Logistics Management. Kieu, et al. (2014) define transport as the process of moving goods, animals and people from one geographical position to another by use of appropriate means of transportation. Use of roads, railways, airways, pipeline and water transport are some of the commonly available modes. On the other hand, logistics refers to that activity of transporting the commodities to various destinations. TLMT is the process of planning, controlling, flowing and storage of goods. The industry faces major challenges such as include; significant capital required, pollution due to the petroleum engines and adverse weather conditions more so for air travel. This is a Student Sample ORDER YOUR PAPER NOW
Although transportation and logistics are entirely different, they depend on each other. Considering traffic first, it entails numerous activities one of them being packaging. Here, goods collectively get loaded onto the suitable means, for example, a vehicle. People involved in the exercise must ensure the goods in transit are free from damage. Such damage may result from shocks, accidents, and heat from exposed sunlight in the case of perishable goods. Protection should be observed when loading, during the transit process and when off-loading the goods at respective destinations. Some goods may have a specialized carriage, but in the case of transporting human beings, they occupy the seats.
All goods and people in transit must have documents. Documentation assists in showing an existence of a contract to transport the goods. Moreover, the owner is recognized and the commodities upon arrival, the receiver, confirms the state of the products. Such documents are accessible when trading internationally. Documents such as freight bill, bill of lading, FOB and FedEx are necessary for various reasons. For passengers, travel tickets are subscribed to show their departure and arrivals.
Literature Review Background Research
This literature commences by analyzing the critical challenges facing the TLMT transportation industry. Transportation industry is very complicated and therefore there is a necessity for the public and potential investors to have full information of the challenges facing the industry. The challenges facing the company can be grouped into two categories. That is, the one impacting the internal operations of the companies within the TLMT industry and the effects of TLMT industry to the environment. For introduction of this topic, the paper outlines some various samples of the literature as illustrated below;
- Analysis on how the TLMT logistics management decisions are made.
- An overview of the TLMT logistics management.
- How the players in the TLMT industry impact the environment.
- Trends and other emerging issues affecting TLMT logistics industry.
- Implications of TLMT industry on both regional and local economic development.
All transport means are prone to risk. Therefore, for transportation to take place effectively, insurance policies are taken to minimize the loss. Cummins, et al. (2013) explain insurance as a contract signed between the insured and the insurance company. The latter agrees to compensate the first one in the case of loss arising from the insured risk. Comprehensive insurance, personal injury protection and collision coverage are examples of motor vehicle insurance. Others such as the floating, voyage, time and mixed are marine policies. If the insured risks occur, owners of goods will have a right to claim for the loss.
Since transportation is a business, it yields income to owners. The people transported have to make payments for the service. Respective personnel collect the fees in the means. For example, passengers pay fare by subscribing the tickets. Similarly, the registered offices charge for the parcels and letters sent through post offices. The amount raised maintains, fuels and pays for the legal requirements. For example, renewing licenses, buying insurance cover and other business related running costs. The remaining amount becomes the owners’ income.
The government intervenes the sector by providing policies and regulations. For example, tight security measures are available on airports and country boundaries. Doing so monitors the movement of illegal goods to other destinations (Yim, et al. 2013). Similarly, governments employ traffic officers to ensure safety during transport. For example, by checking drunk drivers, checking the goods carried and handle the law-breakers.
Transport has numerous advantages. They make the movement of commodities and persons reliable, saving time and cost and flexibility of the services. However, despite TLMT industry enjoying good returns there are several challenges attributable to the players operating in this industry. Some of the major challenges facing the industry include; significant capital required, pollution due to the petroleum engines and adverse weather conditions more so for air travel. Elimination of the barriers would create enjoyable sector promoting the economy.
Logistics can be said to be a part of supply-chain management where all aspects of transport are carried out. For logistics to be efficient, it should have the three components; resources, information systems and the logistic services. They involve commercial sources, labor and warehouse facilities. The latter refers to the process of managing, deciding, record-keeping and assisting in tracking and tracing issues. The last one summarizes the other two components. It entails aspects of moving the goods from production to the consumers.
Logistics activities involve various companies. That is, the process interconnects different firms until the goods arrive at the customer. For instance, producers link to wholesalers, retailers and consumers by the logistic activities. Movement of the commodities is facilitated by the process from the source till the last recipient. Practical logistics ensure the goods in transit reach destination undamaged.
Just like transport, clients pay for the logistic charges. In many countries, the field is said to be a career where logistic managers and other staff earn salaries and wages. For example, in the US, such personnel receive about $ 39 to $97 thousand annually (Obaze, et al. 2016). Such salaries originate from the payments made by the individuals issuing goods. The staff ensures products are disbursed and arrive at their respective destinations on time and undamaged. If anything happens to such property, the logistics team will be answerable to the client.
Due to the current trends on innovations, e-commerce activities are present in the industry. Use of the websites and software such as the webXpress and the ship rocket are famous for transacting logistics separate locations. Such inventions have helped in making accuracy, keeping records and ensuring flexibility of work. The jobs can be negotiated anytime for the client through the 24/7 e-commerce systems.
Communication activities are essential for an efficient industry. It is used to communicate with the customers and the suppliers. Secondly, coordination of materials, work in progress, and finished goods drive logistic companies to use electronic and rapid communication. Eventually, it is applied when transporting, processing orders and during claims.
Inventory management is an activity common in logistics. The company calculates costs of holding inventory, determining variable and fixed costs (Herbon, et al. 2014). The management decides the method that the merchandise will be transported depending its nature. Customer perspectives, for example, technical or expensive equipment requires automobiles to move them may also be considered. The company, therefore, may trade off old inventory. The attempt to purchase the modern equipment is to provide the best services to the clients.
Lastly, logistics involve procurement functions. Matters concerning price negotiation, bids and assuring quality jobs are procurement logistic activities. They must be present in any logistic work for the company to win clients. The managers generate better and unique procurement activities to gain the customers from the competitors.
The industry assists in improving the customer service and reducing unnecessary costs. The government, as well as logistic workers, earn revenue and income respectively. Resources and the finished products under coordination, reach the consumers. However, the industry is facing the variability of the supply-chain as well as unexpected risks. For example, natural calamities. This is a Student Sample ORDER YOUR PAPER NOW
In conclusion, the TLMT provide essential services to people who assist in making work easier. The two sectors provide job opportunities and raise the government revenue. However, despite the industry playing the fundamental roles in the industry, it faces some serious challenges that need to be addressed. Therefore, services offered can be innovated by the use of current technology to ensure quality, accurate and useful services. Doing so will promote the industry to be a global economic sector. Besides, it will facilitate to efficiency and effectiveness of the industry internal operations as well as reducing the impacts the industry have on the environment.
Cummins, J. D., & Weiss, M. A. (2013). Analyzing firm performance in the insurance industry
Using frontier efficiency and productivity methods. In Handbook of insurance (pp. 795-861). Springer New York.
Kieu, L. M., Bhaskar, A., & Chung, E. (2014). Establishing definitions and modeling public
Transport travel time variability.
Herbon, A., Levner, E., & Cheng, T. C. E. (2014). Perishable inventory management with
Dynamic pricing using time–temperature indicators linked to automatic detecting devices. International Journal of Production Economics, 147, 605-613.
Obaze, Y., Manuj, I., & Farris II, T. (2016). Fifth Logistics Faculty Salary Survey.
Transportation Journal, 55(2), 208-223.
Yim, S. H., Stettler, M. E., & Barrett, S. R. (2013). Air quality and public health impacts of UK
Airports. Part II: Impacts and policy assessment. Atmospheric Environment, 67, 184-192.