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The reorder point (ROP), also reorder level (ROL) or "optimal re-order level", [1] is the level of inventory which triggers an action to replenish that particular inventory. It is a minimum amount of an item which a firm holds in stock, such that, when stock falls to this amount, the item must be reordered.
Material requirements planning (MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software-based, but it is possible to conduct MRP by hand as well. An MRP system is intended to simultaneously meet three objectives:
Material requirements planning (MRP) was an early iteration of the integrated information systems vision. MRP information systems helped managers determine the quantity and timing of raw materials purchases. Information systems that would assist managers with other parts of the manufacturing process, MRPII, followed.
If there are backorders, the reorder point is: =; with m being the largest integer and μ the lead time demand. Additionally, the economic order interval [ 8 ] can be determined from the EOQ and the economic production quantity model (which determines the optimal production quantity) can be determined in a similar fashion.
Total cost function and optimal reorder point. The total cost is given by the sum of setup costs, purchase order cost, backorders cost and inventory carrying cost:
Piping and instrumentation diagram of pump with storage tank. Symbols according to EN ISO 10628 and EN 62424. A more complex example of a P&ID. A piping and instrumentation diagram (P&ID) is defined as follows: A diagram which shows the interconnection of process equipment and the instrumentation used to control the process.
Capital parts are spare parts which, although acknowledged to have a long life or a small chance of failure, would cause a long shutdown of equipment because it would take a long time to get a replacement for them. Capital parts are typically repaired or replaced during planned overhauls/scheduled inspections.
File information Description Block diagram of a fuel cell. Source I (Paulsmith99 ()) created this work entirely by myself, based on the original png version.Date 17:35, 25 June 2010 (UTC)