|materials requirements planning (MRP)|
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Definition of materials requirements planning (MRP)
materials requirements planning (MRP)
a computerbased information system that simulates the ordering and
A common element of a financial plan that describes projected capital spending and the
Financial planning conducted by a firm that encompasses preparation of both
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
Computer-based systems that plan backward from the production schedule
The length of time a model projects into the future.
The percentage of different types of deposits that member banks are required to hold
A listing of all the materials and quantities that go to make up a completed product.
A method of budgeting in which budgets are allocated to projects or programmes rather than to responsibility centres.
Unprocessed goods bought for manufacture, part of inventory.
a document that contains information about
a packaged software program that allows a company to
a fully integrated materials requirement planning system that involves
see materials requirements planning
see manufacturing resource planning
the process of creating the goals and objectives for
the process of developing a statement of
the process of determining the specific
Bill of materials
An itemization of the parts and subassemblies required to create a
Direct materials cost
The cost of all materials used in a cost object, such as finished goods.
Direct materials mix variance
The variance between the budgeted and actual mixes of
Manufacturing resource planning (MRP II)
An expansion of the material requirements planning concept, with additional computer-based capabilities in the areas of
Material requirements planning (MRP)
A computer-driven production methodology
Materials price variance
The difference between the actual and budgeted cost to
Materials quantity variance
The difference between the actual and budgeted quantities
Raw materials inventory
The total cost of all component parts currently in stock that
Time horizon for a financial plan.
A budgeting process using summary-level information to
Bill of materials (BOM)
A listing of all parts and subassemblies required to produce one
Breeder bill of materials
A bill of material that accounts for the generation and
Enterprise resource planning system
A computer system used to manage all company
Manufacturing resource planning
An integrated, computerized system for planning
Material requirements planning
A computerized system used to calculate material
A document listing the quantities of specific parts to be withdrawn
The component-level requirements for a production run,
Summarized bill of materials
A bill of materials format showing the grand total
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.
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