materials (noun, ma-te-ri-al, \ məˈtɪriəlz \) planning (noun, plan-ning, \ ˈplænɪŋ \)
Definition: is a process of managing and controlling the functions that support the proper and efficient flow of materials. Material planning also includes determining the material requirements and the business’s ability to meet both customer demand and production plan. The functions of the materials planning are numerous and versatile. They may include cataloging, identification of raw materials, standardization, inspection, production scheduling, quality control, procurement, storage and packaging, inventory control, etc. Real time demand monitoring also plays an important part in materials planning since it can help figure out the external factors that influence the materials utilization.
In a Sentence:
- Price trends and export policies will significantly influence the materials planning process of our business.
- In order to meet the production plan and the time limits, we ought to keep the materials planning precise and thorough.
- Maintaining the minimum stock level is one of the steps of the materials planning process.
Synonyms and related words: material requirements planning, materials management, enterprise resource planning, capacity requirements planning
