Question

Q. 4. what is mrp? Write the objectives and advantages of mrp.

Answer 1

Answer:

Explanation:

Mrp is nothing but maximum retail price.A maximum retail price (MRP) is a manufacturer calculated price that is the highest price that can be charged for a product sold in India and Bangladesh. However, retailers may choose to sell products for less than the MRP.

Answer 2

Answer:

Explanation:

Material requirements planning (MRP) is a system for calculating the materials and components needed to manufacture a product. It consists of three primary steps: taking inventory of the materials and components on hand, identifying which additional ones are needed and then scheduling their production or purchase.

The objectives of an MRP system are to determine the quantity and timing of material requirements and to keep priorities updated and valid.

*Determine the quantity and timing of material requirements.

*Maintain priorities.

Advantages of MRP

Since MRP is a demand-oriented system (based off of number of orders, forecast, etc.), it works well with facilities that have a steady flow of demand and are not often presented drastic changes throughout production periods. Along with a steady flow of demand, accurate data is a must. If the system is interpreting the wrong data, this can cause problems within the operation. If your facility does relatively well with demand-forecasting and data accuracy, MRP can improve the company in various ways such as:

*Tracking & Forecasting Enhancement

*Data Sharing Accessibility

*Boost in Customer Aid

*Easy to use, Integrated System

Hope this answer will help you