KK5: strategies to improve efficiency and effectiveness:MATERIALS

Question 1

Forecasting 

Answer 1

is a materials
planning tool that predicts
customer demand for an
upcoming period using past
data and market trends.

Question 2

master production
schedule (MPS) 

Answer 2

is a plan that outlines what
a business intends to
produce, in specific
quantities, within a set
period of time.

Question 3

Materials requirement
planning (MRP) 

Answer 3

is a process that itemises the
types and quantities of
materials required to meet
production targets set out
in the master production
schedule.

Question 4

Just in Time (JIT) 

Answer 4

is an
inventory control approach
that delivers the correct
type and quantity of
materials as soon as they
are needed for production.