Acronyms 31 to 40
Introduction
This is our 4th installment of “50 Acronyms Used in Electronic Contract Manufacturing”. In this article we’ll look at the meaning of 10 more acronyms. The start of the series can be found here.
31. MOQ = Minimum Order Quantity
The MOQ represents the minimum amount of components or material that a supplier will sell to a customer.
An EMS company has to purchase their materials from suppliers. These suppliers frequently have minimum order quantities. An EMS company may in turn quote minimum order quantities for circuit boards that they will manufacture for customers.
To learn more about MOQ, check out this article: https://www.abetterlemonadestand.com/what-is-moq-meaning/
32. MRP = Material Requirements Planning
When someone refers to their “MRP system”, they are referring to a large software package that helps employees run a successful manufacturing business. It does so by helping employees perform these job functions:
- Entering and tracking of customer orders
- Budgeting
- Forecasting
- Resource planning
- Inventory management
- Shipping
- Receiving
- and numerous others
Over the years MRP software vendors have increased the functionality of their products, resulting in even more features. The result has been an evolution in the acronym from “MRP” to “ERP”, where the “E” stands for “Enterprise”. [Continue Reading]
