1. MRP & MRP II differentiation and relation? 2. Explain the main principle of t
ID: 420192 • Letter: 1
Question
1. MRP & MRP II differentiation and relation? 2. Explain the main principle of the just-in-time (JIT) approach to inventory management? And goals of (JIT) 3. Why the partner is important explain? 4. What are the condition in perfect and imperfect competition? 5. Explain the negotiation process? 6. E-auction importance’s? Explain1. MRP & MRP II differentiation and relation? 2. Explain the main principle of the just-in-time (JIT) approach to inventory management? And goals of (JIT) 3. Why the partner is important explain? 4. What are the condition in perfect and imperfect competition? 5. Explain the negotiation process? 6. E-auction importance’s? Explain
2. Explain the main principle of the just-in-time (JIT) approach to inventory management? And goals of (JIT) 3. Why the partner is important explain? 4. What are the condition in perfect and imperfect competition? 5. Explain the negotiation process? 6. E-auction importance’s? Explain
Explanation / Answer
1. MRP stands for Material requirements planning where as MRP II stands for manufacturing resource planning. Which is also called as ERP in current scenario.
These are used acronyms by organisation when it want to develop specific software for its organisations functioning.
The functional areas of MRP 1 are
* master production scheduling
* bill of materials
* inventory tracking.
Where as MRP II is like an extension of I and it includes following functional areas :
* master production scheduling
* bill of materials
* inventory tracking
* machine capacity scheduling
* demand forecasting
* quality assurance
* general accounting.
The current generation used ERP can be termed as advanced / improved version of MRP II and includes aspects like supply chain management etc.
2.
IMPORTANCE OF JUST IN TIME APPROACH :
* this can be termed as a management strategy where companies make raw material orders from suppliers as per their production schedule.
* this is a common sense strategy used by companies to employ less amount of storage costs and reduce loss of material damages etc.
* The importance of this approach is that it allows company to receive efficient product at economical price with no burden of additional storage set up.
GOALS OF JUST IN TIME APPROACH :
* increase efficiency in the production process.
* reduction in raw material wastage.
* maintaining optimal cost and quality relationship.
* develop a reliable relation with suppliers.
3. Importance of partner in a business / at work field :
* The bifurcation of work is possible and thus each partner can earn specialisation in their own sector of work.
* thus mere responsibility of specific work gives complete effectiveness to either and load of pressure relating to work is decreased.
* In case of paying liabilities each of their liability payment capacity decreases risk of insolvency.
* always team work doubles the effectiveness of results where minimum 2 brains use their efficiency to solve the task. This in a way gives amplified beneficiary results.
* The initial capital investment also gets increased with helping hand of a group of partners.
Thus it is all over benificial approach to have a partner is ones business / work field.
4. Conditions of perfect and imperfect competition :
* A perfect competition is a market structure of micro economics and it is controlled entirely by market forces.
* Conditions existed in perfectly competitive market are as follows :
? market price are nominal
? market share is evenly distributed
? firms and purchases have perfect knowledge on industry.
? no barriers to entry exist.
In general it is believed that perfect competitive markets exist in books alone.
* The market which does not satisfy either few / all if the above stated Conditions are called imperfect competitive markets.
* In general and real world it is very common to find these.
Eg : monopoly , oligopoly.
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