Mrp

Pronunciation: /ɛm ɑr piː/

Definitions of MRP

noun MRP stands for Maximum Retail Price, which is the highest price that can be charged for a product or service as per government regulations.

Example Sentences

A1 MRP stands for Material Requirements Planning.

A2 The company uses MRP software to manage inventory.

B1 Implementing an MRP system has helped streamline production processes.

B2 MRP calculations are essential for determining optimal inventory levels.

C1 The MRP controller is responsible for ensuring accurate inventory forecasts.

C2 Advanced MRP systems can integrate with other supply chain management tools.

Examples of MRP in a Sentence

formal The manufacturer's suggested retail price (MRP) for the new product is $99.

informal The MRP for that item is $50, but I bet we can find it cheaper online.

slang I found this cool gadget for half the MRP price!

figurative The MRP of success is hard work and determination.

Grammatical Forms of MRP

• past tense: MRP'd
• plural: MRPs
• comparative: more MRP
• superlative: most MRP
• present tense: MRP
• future tense: will MRP
• perfect tense: have MRP'd
• continuous tense: is MRPing
• singular: MRP
• positive degree: MRP
• infinitive: to MRP
• gerund: MRPing
• participle: MRP'd

Origin and Evolution of MRP

First Known Use: 1960 year

Language of Origin: English

Story behind the word: MRP originated as an acronym for Material Requirements Planning, a system developed in the 1960s by Joseph Orlicky, a pioneer in the field of manufacturing management.

Evolution of the word: Over time, MRP evolved into more advanced systems such as Manufacturing Resource Planning (MRP II) and eventually into Enterprise Resource Planning (ERP) systems, which encompass a wider range of business functions beyond just material planning.