“Good fortune is what happens when opportunity meets with planning.” –Thomas Edison
Material Requirements Planning, otherwise known as MRP, refers to a supply planning system that calculates the materials and components that are required to manufacture products. It considers inventory requirements, identify the additional components that are needed, schedule its production and purchase, while balancing supply and demand.
MonsoonSIM’s cloud-based ERP simulation platform offers the opportunity to learn more about Material Requirements Planning through its ERP 109 module, which is one of the 14 modules found in MonsoonSIM’s curriculum roadmap.
This curriculum roadmap has been meticulously created, compiling the important and relevant learning points from different departments that contribute to the successful running of businesses in the real-world work environment. It offers to facilitate effective experiential learning of business concepts and theories for students in a way where there’s more to teach and easier to teach—all of which meets international educations standards.
Covering the departments of MRP, Finance, Wholesale, Procurement, Retail Sales, Logistics and Warehouse, the ERP 109 module also involves making decisions with other stakeholders in mind, such as the customers, B2B clients, vendors and more.
With the ERP 109 module, learners can develop a further understanding of the Material Requirements Planning concept as well as run MRP in the business simulation to apply the concepts that they have learnt. Furthermore, learners can practice setting buffer stock and choosing their preferred vendor based on the reports as the simulation progresses, handling B2B sales order and balancing safety stock and current stock.
This module gives learners the perfect opportunity to explore Material Requirements Planning as a whole. Through experiential learning, students will have a direct hands-on approach in knowing when to trigger Material Requirements Planning, find out how MRP calculates the company demands, discover the considerations when setting the safety stocks, practice how to move stock, observe how B2B affects MRP and more.
Overall, learners can learn by experience and see for themselves the links and relationships between these involved and interrelated departments that act as the cogs and screws for the functioning of the business.
MonsoonSIM’s immersive business simulation and gamification education platform ensure that learners and teachers alike will have an enjoyable and meaningful learning experience as a class. Offering a unique, experiential learning opportunity for students and transforms the way business concepts are taught in class, MonsoonSIM looks forward to supporting more students worldwide in a way where there’s more to learn, easier to learn.