Materials Management Strategies Flashcards
1
Q
Define Forecasting
A
The prediction of how many materials will be required by looking at past data from previous periods
2
Q
Define Materials Requirement Planning (MRP)
A
A computer based inventory system that itemises the materials needed to produce specific orders or forecasts
3
Q
Define Master Production Schedule (MPS)
A
A document that details what is to be produced, the quantities it will be produced in and when it will be produced
4
Q
Define Just In Time (JIT)
A
A strategy that relies on materials being delivered just as they are required in the production process
