Glossary
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Material Requirements Planning (MRP I).
A system to support manufacturing and fabrication organisations by the timely release of production and purchase orders using the production plan for finished goods to determine the materials required to make the product. Orders for dependent demand items are phased over time to ensure that the flow of raw materials and in-process inventories matches the production schedules for finished products. The 3 key inputs are:
the master production schedule
inventory status records
product structure records
Manufacturing Resource Planning (MRP II).
A method for the effective planning of all the resources of a manufacturing company. Ideally it addresses operational planning in units, financial planning in money, and has a simulation capability to answer what if questions. It is made up of a variety of functions, each linked together: business planning, master (or production) planning, master production scheduling, material requirements planning, capacity requirements planning and the execution systems for capacity and priority. Outputs from these systems would be integrated with financial reports such as the business plan, purchase commitment report, shipping budget, stock projections in money etc. Manufacturing resource planning is a direct out-growth and extension of material requirements planning (MRP-1).
Make to Order.
A manufacturing or assembly process established to satisfy customer demand only after an order has been placed.
Materials Management.
The planning, organisation and control of all aspects of inventory embracing procurement, warehousing, work-in-progress, shipping, and distribution of finished goods.
Matrix Bar Code.
See Two Dimensional Bar Code
Maximum Stock.
The upper limit, expressed in quantitative, financial or time-based terms, to which the stock of an item should normally be allowed to rise.
Maximum Order.
Quantity An order quantity which, in principle, must not be exceeded.
Minimum Order.
The smallest order quantity which, in principle, is allowed.
Minimum Stock.
A control limit within a stock control system which could indicate the point at which an order should be placed, or indicate if stocks are too low, for a specific item.
Acronyms | 1-10 | A | B | C | D | E | F | G | H | I | J
K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z