Maintenance, Repair, and Operating supplies (MRO), Materials Management

 

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Detailed terminology list , in pdf form, will soon be available

 
 

Machine Downtimes
Time during which a machine cannot be utilized. Machine downtimes may occur during breakdowns, maintenance, changeovers, etc.

Macro environment
The environment external to a business including technological, economic, natural, and regulatory forces that marketing efforts cannot control.

Maintenance, Repair, and Operating supplies (MRO)
Items used in support of general operations and maintenance such as maintenance supplies, spare parts, and consumables used in the manufacturing process and supporting operations.

Major carrier
A for-hire certificated air carrier that has annual operating revenues of $1 billion or more: the carrier usually operates between major population centers.

Make-or-buy decision
The act of deciding whether to produce an item internally or buy it from an outside supplier. Factors to consider in the decision include costs, capacity availability, proprietary and/or specialized knowledge, quality considerations,skill requirements, volume, and timing.

Make-to-Stock (Manufacture-to-stock)
A manufacturing process strategy where finished product is continually held in plant or warehouse inventory to fulfill expected incoming orders or releases based on a forecast.

Manifest
A document which describes individual orders contained within a shipment.

Manufacturing Resource Planning (MRP II)
A method for the effective planning of all resources of a manufacturing company. Ideally, it addresses operational planning in units, financial planning in dollars, and has a simulation capability to answer what-if questions. It is made up of a variety of processes, each linked together: business planning, production planning (sales and operations planning), master production scheduling, material requirements planning, capacity requirements planning, and the execution support systems for capacity and material. Output from these systems is integrated with financial reports such as the business plan, purchase commitment report, shipping budget, and inventory projections in dollars. Manufacturing resource planning is a direct outgrowth and extension of closed-loop MRP

Marine insurance
Insurance to protect against cargo loss and damage when shipping by water transportation.

Master Production Schedule (MPS)
The master level or top level schedule used to set the production plan in a manufacturing facility.

Materials Management
Inbound logistics from suppliers through the production process. The movement and management of materials and products from procurement through production.

Materials Requirements Planning (MRP)
A decision-making methodology used to determine the timing and quantities of materials to purchase.

 

 
 
Master Data

Master Data refers to the data information that can be used across the modules in an ERP System (eg: Supplier data, Material Data, Contracts Data).

Master Data can be created/maintained by those with the authority, and requests for changes/updates to master data usually require a form to be filled out and approved.

monopoly vs monopsony

A Monopoly is when there is one seller of a product/service and many buyers.
On the other hand, a Monopsony is when there is one buyer and many sellers.

MRP

MRP is the Material Requirements Planning functionality built into an ERP System.

An MRP Controller's role includes forecasting and managing materials demand, analyzing trends, reviewing and updating MRP parameters, and generating planned orders.

MRP variables include BOM's (Bill of Materials), lead times, usage history, project schedules, stock on hand, stock reservations, and material master data.

For MRP to function correctly, the system data needs to be as accurate as possible. For example, if a warehouse had stock on the shelf that is not accounted for in the system inventory, there is the risk an unnecessary MRP order may be triggered, and the store would be overstocked.

MSDS

A Material Safety Data Sheet (MSDS) is a document containing important information about a substance, in the interests of safety.

Information contained in an MSDS include
 

  • Product Details
  • Hazardous Ingredients
  • Physical Data
  • Flammability
  • Toxic Properties
  • First Aid details
  • Transportation
  • Storage and Handling

multimodal transport

A Multimodal Transport is when a shipment is being moved by more than one method of transportation (Air, Road, Rail, Ocean).

 

 

 

 

 
 

 

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