Define material requirements planning (MRP) and how it can benefit an organization
Material requirements planning (MRP) is a forward-looking, demand-based approach for planning the production of manufactured goods and ordering materials and components to minimize unnecessary inventories and reduce costs. MRP projects the requirements for the individual parts or subassemblies based on the demand for the finished goods as specified by the MPS. The primary output of an MRP system is a time-phased report that gives:
1 . the purchasing department a schedule for obtaining raw materials and purchased parts.
2 . the production managers a detailed schedule for manufacturing the product and controlling manufacturing inventories.
3 . accounting and financial functions production information that drives cash flow, budgets and financial needs.
MRP depends on understanding three basic concepts: (1) the concept of dependent demand, (2) the concept of time phasing, and (3) lot sizing to gain economies of scale.
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What will be an ideal response?
What term is used to describe the implicit risks for each party to the employment relationship that are the domain of ethical decision-making:
a. moral maze b. moral hazards c. mortal dangers d. moral compass
What is a servient estate?
A) a piece of land that is being examined for an abstract of title B) a piece of land over which an easement is granted C) a piece of land that has concurrent owners D) a piece of land that comes under a zoning ordinance
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A. $2,250. B. $750. C. $1,500. D. $4,500. E. $9,000.