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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