In my opinion (without detailed analysis), you need Production BOM's with different versions and scrap definition and also Routings with different versions and many operations with possibility of definition setup time, run time, wait time, move time... Routing based on work or machine centers with own capacity costing.
You can make production orders in different status, based on "Make-to-Stock" or "Make-to-Order" mfg. policy. You can post production consumption and output manualy, or with forwad or backward model. You have production planning (MPS/MRP), forcasting, production schedule tracking, many reports and more and more.
All of this is a fit. If you think you need something else...
