Explain the relationship between MRP, MRP II, and ERP.
What will be an ideal response?
Manufacturing resources planning (MRP II) is an extension of a simpler concept still in use called materials requirements planning (MRP). MRP is an automated version of a traditional production planning and control process. On the other hand, MRP II is a reengineering technique that integrates several business processes. MRP II is not confined to the management of inventory. It is both a system and a philosophy for coordinating the activities of the entire firm. As such, MRP II has evolved into the large suites of software called enterprise resource planning (ERP) systems. These huge commercial packages support the information needs of the entire organization, not just the manufacturing functions. Similarities in functionality between ERP and MRP II systems are quite apparent. Some argue that very little real functional difference exists between the two concepts. Indeed, the similarities are most noticeable when comparing top-end MRP II systems with low-end ERP packages.
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Costa Rica and the United States share the biggest trading relationship between any two nations in the world
Indicate whether the statement is true or false
The ________ forms the foundation for other components in an internal control–integrated framework
a. control activities b. control environment c. flow of information d. assessment of risk
Misner Office Products produces three models of commercial shelving, the Basic, the Advanced and the Superior. Data on operations and costs for the month are: Basic Advanced Superior TotalMachine hours 8,000 6,000 4,000 18,000 Direct labor hours 6,000 6,000 4,000 16,000 Units produced 1,000 500 250 1,750 Direct material costs$20,000 $12,500 $7,500 $40,000 Direct labor costs 129,000 100,000 71,000 300,000 Manufacturing overhead costs 540,800 Total costs $880,800 Required:Compute the unit cost for each model, assuming Misner Office Products uses:(a) Direct labor hours to allocate overhead costs.(b) Direct labor costs to allocate overhead costs.(c) Machine hours
to allocate overhead costs. What will be an ideal response?
In which way does the World Bank differ from true international banks?
A) The World Bank does not charge interest to governments with emerging markets. B) The World Bank only provides funds for national improvements in order to increase international trade. C) The World Bank is comprised and run by a group of 150 member nations. D) The World Bank is designed to promote the stability of exchange rates among member nations. E) The World Bank only lends money to those with negative trade balances.