What is material requirement planner in SAP AP - Application Platform?

SAP Term: material requirement planner

• Component: AP

• Component Name: Application Platform

• Description: A party that is responsible for planning the requirements of materials.

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• Key Concepts: 
  Material Requirement Planner (MRP) is a component of the SAP Application Platform that helps businesses plan and manage their material requirements. It enables users to forecast and plan for future material needs, as well as to monitor and adjust current material requirements. MRP also helps businesses optimize their inventory levels and reduce costs associated with overstocking or understocking. 
  
  How to use it: 
  MRP can be used to create a plan for future material needs based on current inventory levels, sales forecasts, and other factors. It can also be used to monitor current material requirements and adjust them as needed. MRP can also be used to optimize inventory levels by setting minimum and maximum stock levels for each item. 
  
  Tips & Tricks: 
  When using MRP, it is important to ensure that the data used for forecasting is accurate and up-to-date. Additionally, it is important to regularly review the MRP plan to ensure that it is still relevant and accurate. 
  
  Related Information: 
  MRP is closely related to other components of the SAP Application Platform such as Inventory Management, Warehouse Management, and Production Planning. Additionally, MRP can be integrated with other systems such as ERP or CRM systems.