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A material requirements planning (mrp), goods replenishment application for demand & inventory planning using data and analytic

Author: 
Farhana Sethi
Subject Area: 
Physical Sciences and Engineering
Abstract: 

Replenishment for Demand & Inventory Planning is a way to efficiently manage flow of the goods as they move throughout the entire supply chain from the manufacturer to the supplier to warehouse and shipment location. It constantly check stock vs. demand. A good replenishment system help to avoid human errors, for instance missing to place an order in the system, or enter wrong information. An intelligent replenishment system can be configured to automate triggers to order/re-ordering the goods, suggest alternative approaches to get the goods (e.g. Transfer of goods from Distribution center or location instead of purchasing from the supplier), it also factors in forecast changes in demand and adjusts the replenishment orders. The tool can overall improve service levels, gain efficiency, leads to reduce cost and improves customer satisfaction.The perseverance of this study is to recognize the elements of Materials Requirement Planning (MRP) and implement to our selected problem. Main objective of MRP is to manage dependent demand items, high inventory turnover and low payable cost. A common and effective problem which rise in Manufacturing and small, medium-Sized Firms and industries was taken for understand and all possible factors are taken and discussed after that the solution procedure is applied and result is presented. This paper describes the importance and features of goods replenishment tool for Demand & Inventory Planning categorized as Material requirements planning MRP using Data and Analytic. We are going to introduce entire list of the key features that are designed specific as per the requirement of the Supply chain in the Oil and gas industry.

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