Analysis of an inventory management model in a manufacturing process based on material requirements planning (MRP)

Srebrenkoska, Sara and Krstev, Dejan and Cekerovska, Marija (2023) Analysis of an inventory management model in a manufacturing process based on material requirements planning (MRP). In: 3rd International Conference on Innovative Academic Studies ICIAS 2023, 26-28 Sept 2023, Konya, Turkey.

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Abstract

Optimal inventory management is crucial for the efficient operation of businesses, as it accounts for over 50% of the total invested capital. Inadequate inventory management can lead to high costs and large profits. Modern inventory management models focus on quantity and time, rather than costs, aiming for smaller and more frequent purchases within the economical quantity of purchase and national transport. The material requirement planning (MRP) model is one such model, focusing on quantity and time rather than costs. This approach is essential for businesses to make informed decisions regarding inventory decisions and maintain a competitive edge in the market.

Keywords – Inventory Management, Operation, Time, Costs, Material Requirement Planning (MRP) Model

Item Type:	Conference or Workshop Item (Lecture)
Subjects:	Engineering and Technology > Mechanical engineering
Divisions:	Faculty of Mechanical Engineering
Depositing User:	Sara Srebrenkoska
Date Deposited:	16 Oct 2023 09:18
Last Modified:	16 Oct 2023 09:18
URI:	https://eprints.ugd.edu.mk/id/eprint/32373

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