What is CLOSED LOOP MRP?

A manufacturing resource planning system (MRP). It manages products returned by retail stores, or products that failed the manufacturer’s quality control standards. This system tracks purchasing plans against the list of products currently on hand. Manufacturers can adjust future production plans based on on-hand inventory.

More On This Topic



Link to This Definition
Did you find this definition of CLOSED LOOP MRP helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary