Analysis of an inventory management model in a manufacturing process based on material requirements planning (MRP)


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Authors

  • Sara Srebrenkoska Goce Delcev University
  • Dejan Krstev Goce Delcev University
  • Marija Cekerovska Goce Delcev University

DOI:

https://doi.org/10.59287/ijanser.1507

Keywords:

Inventory Management, Operation, Time, Costs, Material Requirement Planning (MRP) Model

Abstract

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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Author Biographies

Sara Srebrenkoska, Goce Delcev University

Faculty of Mechanical Engineering, Stip, North Macedonia

Dejan Krstev, Goce Delcev University

Faculty of Mechanical Engineering,  Stip, North Macedonia

Marija Cekerovska, Goce Delcev University

Faculty of Mechanical Engineering,  Stip, North Macedonia

References

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Published

2023-10-08

How to Cite

Srebrenkoska, S., Krstev, D., & Cekerovska, M. (2023). Analysis of an inventory management model in a manufacturing process based on material requirements planning (MRP). International Journal of Advanced Natural Sciences and Engineering Researches, 7(9), 91–93. https://doi.org/10.59287/ijanser.1507

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