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Manufacturing resource planning (MRP II) [1] is a method for the effective planning of all resources of a manufacturing company. Ideally, it addresses operational planning in units, financial planning, and has a simulation capability to answer " what-if " questions and is an extension of closed-loop MRP (Material Requirements Planning).
Production planning is the future of production. It can help in efficient manufacturing or setting up of a production site by facilitating required needs. [2] A production plan is made periodically for a specific time period, called the planning horizon. It can comprise the following activities:
The industrial process or operation can be optimized using a variety of available methods. Each method design has its advantages and disadvantages. The best overall method is chosen using selection criteria and concepts involving value engineering, cost-benefit analysis, crossover charts, and economic analysis. The outcome of the selection ...
The rational choice model, also called rational choice theory refers to a set of guidelines that help understand economic and social behaviour. [1] The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. [2]
Manufacturing process management (MPM) is a collection of technologies and methods used to define how products are to be manufactured. MPM differs from ERP/MRP which is used to plan the ordering of materials and other resources, set manufacturing schedules, and compile cost data.
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects.
Process costing is an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process. Costs are assigned to products, usually in a large batch, which might include an entire month's production. Eventually, costs have to be allocated to individual units of product.
Quality, cost, delivery (QCD), sometimes expanded to quality, cost, delivery, morale, safety (QCDMS), [1] is a management approach originally developed by the British automotive industry. [2] QCD assess different components of the production process and provides feedback in the form of facts and figures that help managers make logical decisions.