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The time interval between the initiation and completion of a production process. It's important for planning when to order materials so they arrive just in time for production.

Extra inventory held to guard against uncertainty in demand or supply. It ensures smooth production in case of delays or sudden demand increases.

Inventory that a company holds to meet usual demand during a specified period. It helps in managing production and supply chain efficiency.

A technique used to prioritize tasks based on their significant cumulative impact. Often applied in inventory to focus on items that represent the majority of the value or turnover (80/20 rule).

The total demand for an item derived from the MPS. It forms the basis of MRP calculations for what must be available in each period.

A comprehensive list of raw materials, components, and instructions required to construct, manufacture, or repair a product or service. It is crucial for calculating material requirements.

Instructions to produce or purchase enough units to meet net requirements. These are the planned orders to be released to the shop floor or suppliers.

The actual amount needed when considering inventory on hand and on order. It's what needs to be produced or ordered after accounting for current inventory.

The process of determining the production capacity needed to meet changing demands. It plays a vital role in ensuring resources are used effectively.

Determining the optimal order quantity for production. It balances the costs between ordering, carrying, and setup to minimize total costs.

A plan for individual commodities to be produced in each time period. It drives the MRP process and is key for aligning production with customer demand.

Predicting future customer demand using historical data and market analysis. It's critical for setting accurate inventory levels and MPS.

The inventory level at which an order should be placed to replenish stock before it runs out. It's crucial for maintaining continuous production without delays.

A measure of how often inventory is sold and replaced over a period. High turnover can indicate efficient management and a lack of excess stock.