The Master Production Schedule (MPS) is best defined by The Apics Dictionary, which is cited below.
A line on the master schedule grid that reflects the anticipated build schedule for those items assigned to the master scheduler. The master scheduler maintains this schedule and material requirements planning. It represents what the company plans to produce expressed in specific configurations, quantities and dates. It is not a sales item forecast that represents a statement of demand. It must take into account the forecast, the production plan and other important considerations such as backlog, availability of material, capacity and any other management policies and goals.
Material Requirements Planning is best defined by The Apics Dictionary which is noted below.
A set of techniques that uses the bill of material data, inventory data and the master production schedule to calculate requirements for materials. It makes further recommendations to release replenishment orders for materials. Further, because it is time-phased, it makes recommendations to reschedule open orders when due dates and need dates are not in phase. Time-phased begins with the items listed in the MPS and determines:
Reference: Apics Dictionary
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Business Metrics are a system for collecting, measuring and benchmarking a measure to an established standard or a specific objective for a department, operation, product, service, business, organization etc. A good performance metric will establish criteria, a standard or desired level of performance and a measurement. One of the greatest books on Metrics is; Metrics, how to improve key business results.
Muda is one of the three origins of waste. The phrase muda means uselessness or wastefulness. There are two types of Muda that are non-value added activities. The first type is non-value and is complete waste. This type includes the 8 forms of waste: Transportation, Inventory, Motion, Waiting, Over Processing, Over Production, Defects and Underutilized Skills. The second type of muda is business necessary. Business necessary forms of muda add no value to a product or a service but they might be necessary.