Asked by Abena Opoku on May 06, 2024
Verified
The Wagner-Whitin algorithm is the most widely used MRP lot-sizing technique.
Wagner-Whitin Algorithm
A dynamic programming approach to solve the economic lot sizing problem in inventory management, aiming to minimize costs.
MRP Lot-Sizing Technique
A method used in manufacturing to determine the quantity of materials required for production, focusing on minimizing costs while meeting production schedules.
- Knowledge of various MRP (Material Requirements Planning) lot-sizing techniques, including the Wagner-Whitin algorithm.
Verified Answer
DH
Daniella HernandezMay 06, 2024
Final Answer :
False
Explanation :
The Wagner-Whitin algorithm is a dynamic programming approach to lot-sizing which is not the most widely used due to its complexity; simpler heuristics like the Economic Order Quantity (EOQ) model or the Silver-Meal heuristic are more commonly applied in MRP systems.
Learning Objectives
- Knowledge of various MRP (Material Requirements Planning) lot-sizing techniques, including the Wagner-Whitin algorithm.
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