Master Data refers to the data information
that can be used across the modules in an ERP System (eg:
Supplier data, Material Data, Contracts Data).
Master Data can be created/maintained by those with
the authority, and requests for changes/updates to
master data usually require a form to be filled out and
monopoly vs monopsony
A Monopoly is when there is one seller of a
product/service and many buyers.
On the other hand, a Monopsony is when there is
one buyer and many sellers.
MRP is the Material Requirements Planning
functionality built into an ERP System.
An MRP Controller's role includes forecasting
and managing materials demand, analyzing trends,
reviewing and updating MRP parameters, and
generating planned orders.
MRP variables include BOM's (Bill of
Materials), lead times, usage history, project
schedules, stock on hand, stock reservations, and
material master data.
For MRP to function correctly, the system data
needs to be as accurate as possible. For example, if a
warehouse had stock on the shelf that is not accounted
for in the system inventory, there is the risk an
unnecessary MRP order may be triggered, and the
store would be overstocked.
A Material Safety Data Sheet (MSDS) is a
document containing important information about a
substance, in the interests of safety.
Information contained in an MSDS include
- Product Details
- Hazardous Ingredients
- Physical Data
- Toxic Properties
- First Aid details
- Storage and Handling
A Multimodal Transport is when a shipment is being moved
by more than one method of transportation (Air, Road,