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Freight management dictionary - M

Thousands of words, terms, definitions and abbreviations used in the Freight management and Logistics industry

Table of Content:

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M

 

M

Meter(s)

M/R

Mate's receipt

M/S

Motor Ship

M/V

Motor Merchant Vessel

M+R

Maintenance and repair (center)

MACH

Modular automated container handling

MAD

Mean absolute deviation - a scatter chart which demonstrates how well the forecasting line corresponds to real outcomes.

Mafi Trailer

German brand name of a roll trailer used for RoRo purposes.

Maiden Trip

First voyage of a vessel or aircraft after delivery from new-building to her owner(s).

Main-line Operator (MLO)

A carrier employing vessel(s) in the main or principal routes in a trade but not participating within a consortium.

Maintenance Chain

A sequence of events in a goods flow which preserves and/or restores the value of a specific good. This may include: Repair.

Make or Buy

Defining core business, organisations are driven to determine their key objectives. This will then determine the extent to which non-core services are bought in.

Make to Order

A manufacturing or assembly process established to satisfy customer demand only after an order has been placed.

Manifest

Document which lists the specifications of goods loaded in a means of transport or equipment for transportation purposes. As a rule cargo manifests are drawn up by the agents in the place of loading. Note: For shipping a manifest represents a cumulation of Bills of Lading for official and administrative purposes.

Manufacturers Plate

A plate indicating the name and address of the container manufacturer and particulars of the container.

Manufacturing Process

The producing of goods or wares by manual labour or machinery, often on a large scale and with division of labour.

Manufacturing Resource Planning

MRP 2 - A method for the effective planning of all the resources of a manufacturing company. Ideally it addresses operational planning in units, financial planning in money and has a simulation capability to answer 'what if' questions. It is made up of a variety of functions, each linked together : business planning, master (or production) planning, master production scheduling, material requirements planning, capacity requirements planning and the execution systems for capacity and priority. Outputs from these systems would be integrated with financial reports such as the business plan, purchase commitment report, shipping budget, stock projections in money, etc. Manufacturing resource planning is a direct out-growth and extension of material requirements planning (MRP 1).

Marine Insurance Policy

An insurance policy protecting the insured against loss or damage to his goods occurred during ocean transport.

Market Analysis

Systematic investigation of the growth and the composition of a market.

Market Maker

In a stock exchange, market makers take ownership of shares, allowing people to buy and sell those goods from them. They also can make or lose money from price movements. Outside the financial community, market makers help match buyers and sellers, regardless of whether or not they take possession or own goods. (See Net market maker.)

Marketing

The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer.

Marketing Strategy

Description of that part of the company's strategy which is directed towards the market. It consists e.g. of product range, target group, marketing, sales and distribution.

Marks

See Shipping Marks.

Master Production Schedule (MPS)

Involves all tasks which in different ways have an influence on the company's production flow: from arranging for construction drawings through the purchasing, manufacturing and tool procurement functions etc. to the delivery of finished products.

Master Production Scheduling

Is a means of defining whether the company has the scope to accept new orders. Consists of the calculation of total capacity, load, (i.e. the capacity which is used), predicting when new orders can be accepted and finalized, and ensuring that the plans are followed.

Material Requirements Planning

Abbreviation: MRP-I. An inventory and purchasing planning system that integrates product components, lead times and deadlines.

Material Supply

A comprehensive description of all activities in the company designed to take care of its material supply from the suppliers, including purchasing, transportation, inventory, inventory assets, materials handling equipment, etc.

Material Supply Systems

A comprehensive description of all activities, relations between different activities, resources, management and objectives in a company which are connected with material supply from the suppliers. An important objective for the company's material supply system is to secure the necessary raw materials and assembly parts at the lowest possible overall cost.

Materials Handling

The activities of loading, unloading, placing and manipulating material and of in-process movement.

Materials Management

The planning and control of the activities related to the materials flow from the suppliers up to the end of the conversion/production process.

Mate's Receipt

A document signed by the chief officer of a vessel acknowledging the receipt of a certain consignment on board of that vessel. On this document, remarks can be made as to the order and condition of the consignment.

MAWB

Master Air WaYbill

Maximum Order Quantity

An order quantity which, in principle, must not be exceeded.

Maximum Stock

The upper limit, expressed in quantitative, financial or time-based terms, to which the stock of an item should normally be allowed to rise.

MCO

See Miscellaneous Charge Order.

Mdse

Merchandise

Means of Transport

Type of vehicle used for the transport of goods (e.g. aircraft, barge, truck, vessel or train).

Measurement Ton

A ton of one cubic meter water.

Mechanics Lien

The legal enforceable claim which a person who has performed work or provided materials is permitted to make against title to the property or as a preferential person in the event the estate or business is liquidated.

Medical First Aid Guide

Abbreviation: MFAG. Instructions to be consulted in case of accidents involving dangerous goods.

Memo Bill

See Service Bill of Lading.

Merchant

For cargo carried under the terms and conditions of the Carrier's Bill of Lading and of a tariff, it means any trader or persons (e.g. Shipper, Consignee) and including anyone acting on their behalf, owning or entitled to possession of the goods.

Merchant Haulage

Inland transport of cargo in shipping containers arranged by the Merchant. It includes empty container-moves to and from hand-over points in respect of containers released by the Carrier to Merchants. Note: Carrier's responsibility under the Bill of Lading does not include the inland transport stretch under Merchant Haulage.

Merchant Inspired Carrier Haulage

Carrier haulage by a carrier, which is nominated by the shipper or receiver of the goods, but paid by the carrier.

Meta-centric Height

The distance between the centre of gravity of a vessel and a fictitious point. If the metra-centric height is zero or negative, the vessel will heel or capsize.

Metamediary

Besides providing a multi-vendor, multi-product marketplace, the metamediary provides additional services for market participants. These services can be offered directly by the metamediary, or the metamediary can invite third party service providers into its marketplace. Services provided could include quality assurance, procurement management, fulfillment, or payment settlement.

MFAG

See Medical First Aid Guide.

MFN

Most Favoured Nation

MH

Merchants Haulage

MIC

Mature industrialized country

Minimum Charge

The lowest amount which applies to the transport of a consignment, irrespective of weight or volume (air cargo, shipping).

Minimum Inventory

The planned minimum allowable inventory for an independent demand item.

Minimum Order

The smallest order quantity which, in principle, is allowed.

Minimum Stock

A control limit within a stock control system which could indicate the point at which an order should be placed, or indicate if stocks are too low, for a specific item.

Minor Unit

Unit of recorded value (i.e. as recorded by banks) which is a division of the respective unit of currency. Examples are the cent being a one hundredth part of the US Dollar. Note: Some countries have minor units that are used in low-value coinage within a country or locality, but which are not used by the international banking system in making formal records of value. Examples: Belgium, Greece and Spain.

Miscellaneous Charge Order

Abbreviation: MCO. A document issued by a carrier or his agent requesting the issue of an appropriate passenger ticket and baggage cheque or revision of services to the person named in such document.

Mixed Consignment

A consignment of different commodities, articles or goods, packed or tied together or contained in separate packages (air cargo).

Mixed System

A system for placing goods in stock whereby a number of goods are stored at fixed picking places. A buffer stock is kept in a random stock system. The system demands more handling work than the system for floating placement. This means that the inventory volume in the buffer stock is used well but not as well in the picking stock, which requires simple administration and lot wise FIFO. Please see also "permanent storage location" and "random storage location".

MNC

Mulit National Corporation

Mode

The method by which goods and materials are moved through the supply chain, e.g. road, rail, air, sea, etc.

Mode of Transport

Method of transport used for the conveyance of goods, (e.g. by rail, by road, by sea).

Model

A representation of a process or system that attempts to relate the most important variables in the system in such a way that analysis of the model leads to insights into the system.

Module

A separate and distinct unit of hardware or software that may be used as a component in a system.

Movement

The act or process of changing the position of an object and or people.

Movement Inventory

The inventory during a production process caused by the time required to move goods from one place to another.

MPC

See Multi Purpose Carrier.

MPS

Master Production Schedule

MRO

(Maintenance, repair, and operating equipment) Routine purchases such as office supplies, travel services, or computers needed to run a business but not central to the business's output. Ariba and CommerceOne sell buy-side procurement software for MRO. (See horizontal market.)

MRP-I

See Material Requirements Planning.

MRP-II

See Manufacturing Resource Planning.

MSBL

Missing bill of lading

MSCA

Missing cargo

MT

Motor tanker

MTD

Multimodal transport document

MTO/Carrier

See Multimodal Transport Operator/Carrier.

Multi Purpose Carrier

See Multi Purpose Vessel.

Multi Purpose Vessel

Vessel designed for the carriage of different types of cargo: general, bulk, heavy and/or containerized cargo. Synonym: Multi Purpose Carrier (MPC).

Multimodal Transport

The carriage of goods (containers) by at least two different modes of transport.

Multimodal Transport Document

See Combined Transport Document.

Multimodal Transport Operator/Carrier

Abbreviation: MTO/Carrier. The person on whose behalf the transport document or any document evidencing a contract of multimodal carriage of goods is issued and who is responsible for the carriage of goods pursuant to the contract of carriage.

Multiple Sourcing

Selecting of and working with more than two equivalent suppliers for a certain product.


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