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Discuss What Is Necessary to Make Rational Decisions

question 205

Essay

Discuss what is necessary to make rational decisions.Be sure to mention opportunity cost,marginal cost,and marginal benefit.


Definitions:

Master Production Schedule

A plan for individual commodities to be produced in each time period, serving as a component of the supply chain process.

Lot Sizing

The process of determining the optimal number of units to be produced, ordered, or delivered in one batch.

MRP

Material Requirements Planning, a system for efficiently managing the manufacturing process, including inventory levels, production planning, and scheduling.

Bill of Material

A comprehensive list of raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture a product.

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