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Title: WHAT IS MATERIAL REQUIREMENT PLANNING (MRP)?
Description: Material requirements planning or MRP is a computer-based inventory management technique designed to improve productivity for businesses. Companies use material requirements planning systems to ensure that materials and components are available in the right quantities and schedule.
Description: Material requirements planning or MRP is a computer-based inventory management technique designed to improve productivity for businesses. Companies use material requirements planning systems to ensure that materials and components are available in the right quantities and schedule.
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WHAT IS MATERIAL REQUIREMENT PLANNING (MRP)?
Material requirements planning or MRP is a computer-based inventory management technique
designed to improve productivity for businesses
...
MRP is an effective tool for minimizing unnecessary inventory investment
...
Control of the inventory levels
2
...
Determination of capacity requirements at a detailed level
Inputs to Material Requirement Planning
MRP convert the master production schedule into a detailed schedule for raw materials and
components
...
The other two inputs are the bill of material file and the inventory record
file
...
It is a list of what end
products are to be produced, how many of each product has to be produced, and when the
products are likely to be ready for shipment
...
This is
specified by the bill of materials which is a list of component parts and sub-assemblies that
make up each product
...
This is accomplished by utilizing a computerized inventory system that maintains the inventory
record file
...
Advantages of the MRP
•
Assurance that materials and components will be available when needed
•
Minimized inventory levels and costs associated
•
Optimized inventory management
•
Reduced customer lead times
•
Increased manufacturing efficiency by using accurate production, planning, and
scheduling to optimize the use of labour and equipment
•
Increased labour productivity
•
Ensure capacity utilization
•
Increased overall customer satisfaction
Disadvantages
•
MRP systems can often be difficult and expensive to implement
•
Lack of flexibility when it comes to the production schedule as MRP highly depends
on having accurate information about key inputs, especially demand, inventory, and
production
...
•
While MRP is designed to ensure adequate inventory levels at the required times,
companies can be tempted to hold more inventory than is necessary thereby increasing
inventory costs
Title: WHAT IS MATERIAL REQUIREMENT PLANNING (MRP)?
Description: Material requirements planning or MRP is a computer-based inventory management technique designed to improve productivity for businesses. Companies use material requirements planning systems to ensure that materials and components are available in the right quantities and schedule.
Description: Material requirements planning or MRP is a computer-based inventory management technique designed to improve productivity for businesses. Companies use material requirements planning systems to ensure that materials and components are available in the right quantities and schedule.