GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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JIT, MPS, MRP, Analysing
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JIT, TQM, Quality Control, Quality Assurance
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JIT, MRP, MSP, Analysing
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Forecasting, MRP, JIT, MPS
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Detailed explanation-1: -Material requirement planning (MRP) and Just-in-Time (JIT) are two different approaches in planning and controlling materials. MRP focuses on planning based on sales forecast, while JIT concerns on production taken from actual customer orders.
Detailed explanation-2: -What are the elements of material management? Material planning. Purchasing. Receiving & warehousing.
Detailed explanation-3: -Material Requirements Planning (MRP) is a standard supply planning system to help businesses, primarily product-based manufacturers, understand inventory requirements while balancing supply and demand.
Detailed explanation-4: -MRP looks at the customer demand to identify which materials are required for production and determines when they are needed. JIT is mostly used in scheduling and purchasing to ensure that products are produced only when they are needed and materials are ordered to arrive just before they are required for production.