Question

Identify and discuss two methods of production planning.

Answer 1

Two methods of production planning are:-

1.Manufacturing resource planning:-

It is an extension of material resource planning which determines the optimum production schedule of manufacturing depending upon the forecasted sales demand It considers firms existing production capacity, raw materials before jumping to the conclusion. It is also called Push Manufacturing because goods are produced as per the expectation of demand from customers

2. Lean Manufacturing:-

It is a production planning technique where the focus is on the production as per actual customer demand. It follows the principle of Just In Time where focus is on minimum inventory and wastage and delivering maximum value to the customers. It is also called, pull manufacturing. Toyota is the current user of this manufacturing technique.

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