Final answer:
Material Requirements Planning (MRP) is the set of techniques used for planning component items in manufacturing. It involves a bottom-up approach to schedule and manage the materials required for production, aiming to minimize inventory and ensure process efficiency.
Step-by-step explanation:
The name of the set of priority planning techniques for planning component items below the end-item level is known as Material Requirements Planning (MRP). This is a system used to manage manufacturing processes by determining the quantity and schedule for each component needed in the production process. MRP systems aim to ensure that materials and products are available for production and delivery to customers while maintaining the lowest possible level of inventory.
MRP applies a bottom-up planning approach, starting with the components at the lowest levels of the assembly and working upwards to complete the end products. This method involves the calculation of the materials, components, and subassemblies for their accurate quantities, timing, and scheduling. Material Requirements Planning helps companies to minimize excess inventory and ensure the production process runs efficiently.