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Question Number #1
Inventory Management
With effective resource planning organizations can reduce inventory and service costs, improve efficiencies, and establish methods for continuous improvement. Depending upon the type of resource there is a different type of planning that must take place. This can include; material requirements planning (MRP), capacity requirements planning (CRP), enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), or product lifecycle management (PLM).
Research two specific types of resource planning.
- Based on your research, explain whether or not you believe ERP and MRP are the only resource planning processes applicable to manufactured processes?
- Can either ERP or MRP be used for service industries or can they only be used for manufacturing organizations?
Question Number #2
Research the following topics related to Inventory Management:
- Demand
- Inventory control systems
- EOQ
- Role of inventory management
- Reorder point
Select three of the topics listed and compose three paragraphs describing the topics, one paragraph per selected topic
