Examlex
What is a contract? Explain the differences between express and implied contracts.
MRP
Materials Requirement Planning, a production planning, scheduling, and inventory control system used to manage manufacturing processes efficiently.
Safety Stock
Extra inventory held to guard against uncertainty in demand or supply, minimizing the risk of stockouts.
Projected On-Hand Inventory
An estimate of the amount of stock that will be physically available in inventory at any given time, factoring in current stock levels, incoming supply, and outgoing orders.
MRP Logic
The set of principles and calculations used in Material Requirements Planning, aimed at ensuring the right materials are available for production at the right time.
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