What is Material Requirements Planning (MRP)?

What is Material Requirements Planning? Material Requirements Planning (MRP) is a system used in operation management to determine the necessary…

What is Reorder Quantity Formula?

What is Reorder Quantity? Reorder Quantity (ROQ) is the inventory amount needed when stock reaches a certain threshold, balancing demand,…

What is Inventory Shrinkage?

What is Inventory Shrinkage? Inventory shrinkage occurs when the physical stock on hand is less than what’s recorded in the…