![]() Whether you work in a bakery or in a technology firm, implementing material requirements planning (MRP) concepts can dramatically benefit your company. However, manufacturing is only one industry that relies on the appropriate balance between supply and demand. Overestimating will cost you money in either waste or storage. Underestimating will force you to short your clients, causing them to seek the products elsewhere. Joseph Orlicky, author of the definitive Material Requirements Planning (MRP): The New Way of Life in Production and Inventory Management, said, "Never forecast what you can calculate." Nowhere is this rule more evident than in the manufacturing industry, where determining the right amount of raw material for current demand is a challenge.
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