1. materials requirement planning; when the materials needed to produce something are ordered at the right times so that they are available to be used when they are needed
2. abbreviation for manufacturer's recommended price
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MRP UK US noun
► [U] PRODUCTION ABBREVIATION for material requirements planning: a method of ordering the equipment and materials necessary for a manufacturing process by computer so that they arrive at a suitable time. MRP has now mainly been replaced by MRP II
► [C] COMMERCE ABBREVIATION for MANUFACTURER'S RECOMMENDED PRICE(Cf. ↑manufacturer's recommended price)
Financial and business terms. 2012.