What is master production scheduling (MPS)? What is material requirements planning (MRP)? Explain MRP using the concept of dependent demand. Illustrate dependent demand concept with a simple Bill of Materials (BOM) example.

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Master Production Scheduling MPS Master Production Scheduling MPS is a process that helps organizations plan production activities based on demand forecasts inventory levels and production capacity The goal of MPS is to create a detailed plan for manufacturing products to meet customer demand while optimizing resources and minimizing costs MPS typically involves determining the quantity and timing of production for each finished product over a specific time horizon Material Requirements Planning MRP Material Requirements Planning MRP is a system used to manage and plan the materials needed for production based on the master production schedule MRP helps organizations ensure that they have the right materials in the right quantities at the right time to support production activities It involves tracking inventory levels determining when and how much to order and scheduling deliveries to meet production requirements efficiently MRP and Dependent Demand MRP relies on the concept of dependent demand which means that the demand for ... View the full answer