Enumerate the principles of logistic management.

Principles of logistic management are -

1) The Right Materials/Products so that always the product/service required at the time must be made available.
2) In Right Quantity so that the correct amount is available, as smaller amounts result in the halting of production, while larger amounts result in building up stocks.
3) In Right Condition so that the right quality of the product/service be made available that the client requires.
4) At the Right Time ensuring the product/service be made available at the time required by the client.

5) To the Right Place so that the product/service be made available at the place where the client needs it.

6) At the Right Cost ensuring the product/service be made available at the cost accepted by the client.

7) To the Right Customers, Associates, Suppliers and Stockholders.

These seven rights highlight the importance of moving and storing materials in an efficient, timely, and reliable manner. The seven rights also link logistics to the key strategic objectives of cost competitiveness, quality, flexibility, and delivery. The seven rights demonstrate that logistic activities provide the foundation for high levels of customer satisfaction.

Logistics management maximises profit by integrating an organisation with flow of materials, information and funds. The key to a successful logistics management requires an efficient collaboration of activities, cooperation, coordination and information sharing throughout the organisation’s supply ______ ____ _________ _____ ______ ____ _______ ____ _______ _____.
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