MRP, materials requirement planning or manufacturing resource planning, is a production planning and inventory control system used to optimize the manufacturing process. When MRP was extended to the rest of the organization, it became ERP, enterprise resource planning. MRP was implemented to:
use the sales forecast to know how many gadgets to make,
identify the widgets needed to make a gadget,
count and track the widgets,
know when to order more widgets
forecast the time needed to make a gadget.
ERP folded in the human resources needed for the manufacturing process and extended the functionality into the administration and paperwork processes. The purchasing department knew, based on daily usage, when to order more widgets. The receiving department knew when to...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|