Material stratigies

Question 1

Forecasting

Answer 1

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

Question 2

Master production scheduale

Answer 2

A master production schedule (MPS) is a plan that outlines what a business intends to produce,
in specific quantities, within a set period of time

Question 3

Materials requirements plan

Answer 3

Materials requirement planning (MRP) 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

Answer 4

Just in Time (JIT) is an inventory control approach that delivers the correct type and quantity
of materials as soon as they are needed for production.