Biomedical Engineering Question:

A given quantity of finished goods requires a given quantity of raw materials and components to make them. Materials requirement planning systems are computerized tools that manage when materials must be ordered to supply production at a later date. MRP is effective when output quantities are known. Small business owners are often their own MRP systems, storing the information needed to supply production in their knowledge and experience. Activities such as computer tracking inventory and forecasting demand are MRP activities.