Analysis of an inventory management model in a manufacturing process based on material requirements planning (MRP)
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Keywords:Inventory Management, Operation, Time, Costs, Material Requirement Planning (MRP) Model
Optimal inventory management is crucial for the efficient operation of businesses, as it accounts for over 50% of the total invested capital. Inadequate inventory management can lead to high costs and large profits. Modern inventory management models focus on quantity and time, rather than costs, aiming for smaller and more frequent purchases within the economical quantity of purchase and national transport. The material requirement planning (MRP) model is one such model, focusing on quantity and time rather than costs. This approach is essential for businesses to make informed decisions regarding inventory decisions and maintain a competitive edge in the market.
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