MRP

Abbreviation with 2 meanings

MRP
Stands forMaterial requirements planning
Meanings2
CategoriesBusiness & Finance

MRP has two meanings. It stands for Material requirements planning (logistics, supply chain & trade) or Maximum retail price (e-commerce & retail).

Meanings of MRP at a glance

#MRP stands forContext
1Material requirements planningBusiness & Finance › Logistics, Supply Chain & Trade
2Maximum retail priceBusiness & Finance › E-commerce & Retail

1. Material requirements planning

Business & Finance · Logistics, Supply Chain & Trade Abbreviations

Planning method and software that calculates what materials and components a manufacturer needs, in what quantities and when, by exploding the bill of materials against the production schedule and on-hand inventory.

Example: The MRP run shows we'll be short of the circuit boards in week 12.

Developed in the 1960s, with Joseph Orlicky of IBM a leading figure; his 1975 book "Material Requirements Planning" defined the field. MRP evolved into manufacturing resource planning (MRP II) and later into enterprise resource planning (ERP) systems. In Indian retail, MRP means maximum retail price.

2. Maximum retail price

Business & Finance · E-commerce & Retail Abbreviations

Highest price, inclusive of all taxes, at which a packaged product may be sold to consumers in India and some neighboring countries, printed on every package by law. Retailers may sell below MRP but not above it.

Example: The shop charged ₹25 for a ₹20 MRP bottle of water, which is illegal.

India's Legal Metrology (Packaged Commodities) Rules require the MRP and other declarations on pre-packaged goods. Complaints about charging above MRP, common at cinemas and airports, can be made to consumer authorities. In manufacturing, MRP means material requirements planning.

More logistics, supply chain & trade abbreviations

  • MAWB – Master air waybill
  • MBL – Master bill of lading
  • MPS – Master production schedule
  • MRO – Maintenance, repair and operations
  • MRP II – Manufacturing resource planning
  • NMFC – National Motor Freight Classification
  • NVOCC – Non-vessel operating common carrier
  • OBL – Original bill of lading

See all 106 logistics, supply chain & trade abbreviations →

More e-commerce & retail abbreviations

  • MDR – Merchant discount rate
  • MOQ – Minimum order quantity
  • MoR – Merchant of record
  • mPOS – Mobile point of sale
  • NIB – New in box
  • NRFB – Never removed from box
  • NWOT – New without tags
  • NWT – New with tags

See all 75 e-commerce & retail abbreviations →