What is Material Requirements Planning (MRP)?

Can any one help me on this topic ,it is expected in exams.
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Material requirements planning (MRP) is a production planning and inventory control system used to manage manufacturing processes. Most MRP systems are software-based, while it is possible to conduct MRP by hand as well.
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"A great MRP product is intended to concurrently fulfill a few ambitions: Guarantee supplies are for sale for product and products are for sale to distribution to be able to shoppers. Maintain the most favorable material and solution quantities available Program fabrication things to do, supply daily activities and buying routines."
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