Compare and Contrast MRP Systems and Order Point Systems of Managing

question 29

Essay

Compare and contrast MRP systems and Order Point systems of managing inventories.When do you prefer MRP systems to Order Point Systems? Can MRP systems be used while managing capacity in a factory? Provide sufficient justification for your answer.

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Definitions:

Perceptual Process

The sequence of steps that includes the gathering, organizing, and interpretation of sensory information to understand an environment or situation.

Internal Factor

Influences originating within an individual, such as personal beliefs, values, and biological characteristics.

Perceptual Selection

The process by which individuals screen and select the various stimuli that vie for their attention, based on various factors.

Internal Factors

Elements within an organization such as corporate culture, employee morale, and internal processes that influence its operations.