Question

Inventory Management is complemented by application of management techniques such as the EOQ, MRP I, MRP II, POQ, ERP and ABC models; • Briefly define and describe the EOQ, MRP I, MRP II, POQ, ERP, JITand ABC acronyms as tools for inventory management?What are the salient features of these same techniques as applied in Inventory Management [5 Marks] • Briefly describe and explain the MRP I and MRP II in terms of similarities and differences. Outline the features of MRP through independent and dependent Demand Scenarios. What is the main purpose of MRP in Inventory Management

Answer 1

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Features of following

EOQ: It help in finding out various variable like re order quantity maximum level, minimum level etc with always low cost

MRP 1: it is majorly focusing on manufatiring process not on stock so that manufacturing cost shouod be minimized.

MRP 2: it helps to maintain inventory system as well as track the employees attendance, labour contribution productivity

ERP: it helps to coordinate with the all major deoartment like finance marketing production with material status.

JIT:it is majorily focused on how the time mangement should be done so that production time can be reduce and cost as well.

ABC: it helps to increase cash flow by having exact material available for production