|Material requirements planning (MRP)|
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Definition of Material requirements planning (MRP)
Material requirements planning (MRP)
A computer-driven production methodology
a computerbased information system that simulates the ordering and
Very early orders for materials before the completion
A budgeting process using summary-level information to
A common element of a financial plan that describes projected capital spending and the
A listing of all the materials and quantities that go to make up a completed product.
a document that contains information about
An itemization of the parts and subassemblies required to create a
A listing of all parts and subassemblies required to produce one
A bill of material that accounts for the generation and
Financial planning conducted by a firm that encompasses preparation of both
a readily identifiable part of a product; the cost of such a part
The cost of all materials used in a cost object, such as finished goods.
The variance between the budgeted and actual mixes of
Inventory that has been physically marked as being for a
a packaged software program that allows a company to
Enterprise resource planning system
A computer system used to manage all company
An insurance program designed to provide funds for insured's dependents upon death of the insured, and to also conserve, as much as possible, the personal assets that the insured wants to bequeath to heirs.
The process of evaluating the investing and financing options available to a firm. It
Arrangement used to finance inventory. A finance company buys the inventory, which is then
Indented bill of material
A bill of material reporting format under which successively
Manufacturing resource planning
An integrated, computerized system for planning
manufacturing resource planning (MRP II)
a fully integrated materials requirement planning system that involves
Manufacturing resource planning (MRP II)
An expansion of the material requirements planning concept, with additional computer-based capabilities in the areas of
material mix variance
(actual mix X actual quantity X standard price) - (standard mix X actual quantity X standardprice);
material price variance
total actual cost of material purchased
material quantity variance
(actual quantity X standard price) - (standard quantity allowed standard price);
Material requirements planning
A computerized system used to calculate material
material requisition form
a source document that indicates
Material review board
A company committee typically comprising members representing
material yield variance
(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
The proportional size of a financial misstatement. It can be construed as
A characterization of the magnitude of a financial statement item's effect on a
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
Materials requirement planning
Computer-based systems that plan backward from the production schedule
A document listing the quantities of specific parts to be withdrawn
Matrix bill of material
A bill of materials chart listing the bills for similar products,
Modular bill of material
A bill of material format in which components and subassemblies
see materials requirements planning
see manufacturing resource planning
Multilevel bill of material
An itemization of all bill of material components, including
Any inventory item that does not match its original design
The waste materials resulting from a production process.
Phantom bill of material
A bill of materials for a subassembly that is not normally
the process of creating the goals and objectives for
The length of time a model projects into the future.
Time horizon for a financial plan.
Planning, programming and budgeting system (PPBS)
A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres.
Base-level items used by the manufacturing process to create either
Raw material supply agreement
As used in connection with project financing, an agreement to furnish a
Unprocessed goods bought for manufacture, part of inventory.
Raw materials inventory
The total cost of all component parts currently in stock that
Repair bill of material
A special bill itemizing changes needed to refurbish an
material that has been reworked and returned to stock.
The component-level requirements for a production run,
The percentage of different types of deposits that member banks are required to hold
material that has been reserved for a specific purpose.
Single-level bill of material
A list of all components used in a parent item.
the process of developing a statement of
Summarized bill of materials
A bill of materials format showing the grand total
the process of determining the specific
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