Independent Demand correct answers Demand for items that are considered end items that go directly to a customer, and for which demand is influenced by market conditions and not related to inventory decisions for another item.
Dependent Demand correct answers Demand for items that are used to ma...
MGT 301 Chapter 12 || with Complete Solutions.
Independent Demand correct answers Demand for items that are considered end items that go
directly to a customer, and for which demand is influenced by market conditions and not related
to inventory decisions for another item.
Dependent Demand correct answers Demand for items that are used to make another item or are
considered to be parts of another item.
MRP (Material Requirements Planning) correct answers A computer-based system that develops
plans for ordering and producing dependent demand items.
MRP (Two Basic Principles) correct answers 1. Requirements for dependent demand items are
derived from the production schedule for their parents (the items that are assembled from
component parts).
2. The production order is offset to account for the lead time.
MRP II correct answers Links production planning and inventory with a company's financial and
accounting systems.
Evolved to become ERP (enterprise resource planning) which integrates all functional areas of a
business.
Material Requirements Plan correct answers Plan that specifies the timing and size of new
production orders, adjustments to existing order quantities, and expediting or delay of late/early
orders.
MRP Explosion correct answers A technique for converting the requirements of final products
into a material requirements plan that specifies the production/order quantities and timing for all
subassemblies, components, and raw materials needed by final products.
Master Schedule correct answers A document that details the quantity of end items to be
produced within a specified period of time
Objectives:
- MS must balance workload for total capacity, capacity at each workstation, and for each
worker.
- MS seeks to minimize total cost/providing delivery dates for accepted orders.
- Planned production quantities in MS satisfies demand, estimated based on forecasts.
- MS should be frozen or unchangeable in near term, slightly changeable in middle term, very
changeable in long term.
Key Aspects of MS correct answers - The sums of the quantities in the MS must equal those in
the aggregate production plan.
, - Aggregate production quantities should be planned efficiently over time in order to minimize
setup, production, and inventory costs.
- Capacity limitations must be considered before finalizing the MS, including labor and machine
capacity, storage space, transportation equipment, and other factors.
Bill of Materials correct answers - A document that specifies all assemblies, subassemblies,
parts, and raw materials that are required to produce one unit of the finished product.
- Hierarchical in nature, with the finished product at the top and each lower level showing how
many of each type of part or subassembly are needed to produce one unit of the parent item.
- Often represented in visual form by a product structure tree.
Inventory Record correct answers A document that specifies order/lot size policy and lead time
and records all transactions made for parts, assemblies, and components.
Includes transactions both from manufacturing within an organization and from purchasing items
from external suppliers.
Inventory Transaction correct answers Any change in the quantity of a specific part or material.
Planning Factors correct answers Three parameters -- lot size, lead time, and safety stock -- that
are chosen by managers utilizing the MRP system
Lot Size correct answers The quantity of a part to be produced or ordered when additional
inventory is required
Lead Time correct answers The time between when an order is place and when it is expected to
arrive or be finished
Safety Stock correct answers Excess inventory that a company holds to guard against uncertainty
in demand, lead time, and supply
Time Buckets correct answers The periods of time into which an MRP record is divided
Planning Horizon correct answers The time period in the future that the MRP system plans for
Beginning Inventory correct answers The amount of inventory that was physically in stock at the
end of the most recent time bucket
Gross Requirements correct answers The total number of units of a part or material derived from
all parent production plans
Scheduled Receipts correct answers Orders that have been placed but not yet received or
completed
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