Describe Two of the Methods Used to Determine the Amount

question 6

Essay

Describe two of the methods used to determine the amount of life insurance needed.

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Definitions:

MRP II

Manufacturing Resource Planning (MRP II) is an integrated method for effective planning of all resources of a manufacturing company, including production scheduling and inventory management.

MRP

Stands for Material Requirements Planning, a system for calculating materials and components needed to manufacture a product.

SCM

Stands for Supply Chain Management, which involves managing the flow of goods and services, including all processes that transform raw materials into final products.

TPS

Transaction Processing Systems are computerized systems that perform and record daily routine transactions necessary to conduct the business; they serve at the operational level of an organization.