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Financial Terms | |
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
Related Terms:Aggregate planningA budgeting process using summary-level information to Assets requirementsA common element of a financial plan that describes projected capital spending and the Bill of materialsA listing of all the materials and quantities that go to make up a completed product. bill of materialsa document that contains information about Bill of materialsAn itemization of the parts and subassemblies required to create a Bill of materials (BOM)A listing of all parts and subassemblies required to produce one Breeder bill of materialsA bill of material that accounts for the generation and ![]() Corporate financial planningFinancial planning conducted by a firm that encompasses preparation of both Direct materials costThe cost of all materials used in a cost object, such as finished goods. Direct materials mix varianceThe variance between the budgeted and actual mixes of enterprise resource planning (ERP) systema packaged software program that allows a company to Enterprise resource planning systemA computer system used to manage all company Estate PlanningAn 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. Financial planningThe process of evaluating the investing and financing options available to a firm. It Floor planningArrangement used to finance inventory. A finance company buys the inventory, which is then Manufacturing resource planningAn 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 requirements planningA computerized system used to calculate material Material requirements planning (MRP)A computer-driven production methodology Materials price varianceThe difference between the actual and budgeted cost to Materials quantity varianceThe difference between the actual and budgeted quantities Materials requirement planningComputer-based systems that plan backward from the production schedule Materials requisitionA document listing the quantities of specific parts to be withdrawn MRPsee materials requirements planning MRP IIsee manufacturing resource planning planningthe process of creating the goals and objectives for Planning horizonThe length of time a model projects into the future. planning horizonTime 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. Raw materialsUnprocessed goods bought for manufacture, part of inventory. Raw materials inventoryThe total cost of all component parts currently in stock that Requirements explosionThe component-level requirements for a production run, Reserve requirementsThe percentage of different types of deposits that member banks are required to hold strategic planningthe process of developing a statement of Summarized bill of materialsA bill of materials format showing the grand total tactical planningthe process of determining the specific Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |