Asked by shadyra basurto on May 01, 2024
Verified
Define and briefly discuss the ABC, EOQ, materials requirements planning (derived demand), and just-in-time inventory management systems. When is each appropriate?
Materials Requirements Planning
A production planning and inventory control system used to manage manufacturing processes by determining material requirements.
Derived Demand
Demand for a commodity, service, etc., that is a consequence of the demand for something else; for instance, the demand for steel is derived from the demand for automobiles.
Just-In-Time
An inventory strategy that aligns raw-material orders from suppliers directly with production schedules to minimize stock levels.
- Gain an understanding of, and identify the distinctions among, diverse inventory management systems and their influence on operations.
Verified Answer
Learning Objectives
- Gain an understanding of, and identify the distinctions among, diverse inventory management systems and their influence on operations.
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