3E - Materials strategies

Question 1

Managing materials

Answer 1

involves organising and monitoring the delivery, storage, and use of materials required for production.

Question 2

Forecasting

Answer 2

is a materials planning tool that predicts customer demand for an upcoming period using past data and market trends.

Question 3

Master production schedule (MPS)

Answer 3

is a plan that outlines what a business intends to produce, in specific quantities, within a set period of time.

Question 4

Materials requirement planning (MRP)

Answer 4

is a process that itemises the types and quantities of materials required to meet production targets set out in the master production schedule.

Question 5

Just in Time (JIT)

Answer 5

is an inventory control approach that delivers the correct type and quantity of materials as soon as they are needed for production.