Business Management

[stramandinoli.chiara]

Hi Everyone,
can someone please help me with this question:

"Compare the Master Production Schedule with the Master Requirements Plan" (4 marks)

[BurningCookies]

I assume that from Master requirement planning you meant Materials requirement planning. I won't put up an actual response, but give you the details that you can use in your own.

• A master production schedule is a production plan that outlines what processes needs to be completed, how they need to be completed, when they need to be completed and the staff and equipment involved in the process.
• A materials requirement plan is used in conjunction with a master production schedule. It is an itemised list of all materials required for a business' production process.
• One comparison that you could bring up is that the MPS would allow the business to improve their production system in terms of time, while the MRP can improve it based on cost (although the question doesn't necessarily ask you to explain how both materials management strategies can benefit operations).