What is material requirement planning as well as its counterpart capacity requirement planning? (500 words)

- Framing the material requirements planning (MRP) as one of the production planning systems for corporate sector, the need to order and schedule delivery of the materials to be used in production is emphasized.

- Describe main MRP inputs(bill of materials, inventory data, master production schedule) that results in (planned orders, order releases) outputs.

- Discuss objectives and benefits of MRP: cut carriage, share the work, and satisfy customer desire.

- Explain the capacity requirements planning (CRP) as the activity of identifying whether the production capacity is able to achieve the standards of the production plan.

- Explain key steps of CRP: unloading, blast seeking, allocation of work centers amongst qualified candidates, decision regarding eliminating or adding spaces.

- CRP Production plan and the MPS Production Plan are to be compared; changes may be made if necessary.

- Explore whether inventory reconciliation between CRP and MRP systems will be done in a way to strike the proper assembly line input with maximum speed of production.

- Sum up the fact that MRP and CRP can get adequate results for production planning and optimization.

Clarify phrases or words by giving adequate definition of key terms, indicating the purpose/objectives, processes and benefits of MRP and CRP in building up synergies of manufacturing operations. Provide illustrative cases if an opportunity arises. If possible.