Question: Explain the basic concept of ABC analysis.

Explain the basic concept of ABC analysis.

Step by Step Solution

★★★★★

3.41 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

ABC classifies the inventory items according to their impo... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

194-B-M-L-O-M (701).docx

120 KBs Word File

Students Have Also Explored These Related Management Leadership Questions!

Q:

Explain the basic concept underlying consolidated statements.

Q:

Explain the basic concept underlying all turnover ratios. Why is it advisable in computing a turnover ratio to use an average in the denominator (for example, average inventory)?

Q:

The basic concept of substance over form influences lease accounting. Explain.

Q:

1. Identify the different types of inventory used. 2. Explain the different functions of its inventory. 3. Explain the objectives of inventory management at the local business. 4. Describe how the...

Q:

Explain the basic concept of ABC analysis.

Q:

a) What are the prescriptive models in business analytics? How do prescriptive models differ from predictive models? Give a real world example of a prescriptive model and explain why it is not a...

Q:

1. Comment on the following field situations, recommend corrective actions. one. a. One of the interviewers has an exaggerated rejection rate in personal interviews at home. b. One interviewer...

Q:

Explain the basic concept of economic analysis in relation to transportation and what are the economic benefits of transportation projects in the Trading Sector, Leisure and Tourism and manufacturing

Q:

Explain the basic concept of discriminant analysis. Give a real world example when this approach is useful.

Q:

Page 1 FIN 610 Team Project Title: Financial Analysis Tasks Responding to the Controller Introduction: You are a financial analyst at the Stirm Windows Company. After the Monday morning staff meeting...

Q:

Sally is an employee of Blue Corporation. Last year, she purchased a very expensive computer with her own funds. She used the computer 100% for business purposes. During the current year, the...

Q:

Label the respiratory anatomy given below: Respiratory Anatomy labeling Practice

Q:

You want to buy a $ 5 0 , 0 0 0 car and the dealer is offering a loan option with zero down payment and 6 years to pay at 6 . 0 % Annual Percentage Rate ( APR ) . What will your monthly payment be ?...

Q:

Comparing organisational histories: Using references identified in Section 14.2 and the Recommended reading suggestions as a starting point, locate the histories of two commercial companies or social...

Q:

What is the difference between linear and multiple regression?

Q:

A company that produces video equipment, including video cameras and televisions, is attempting to forecast what new products and product innovations might be technologically feasible and that...

Q:

The Hartley-Davis motorcycle dealer in the Minneapolis St. Paul area wants to be able to forecast accurately the demand for the Roadhog Super motorcycle during the next month. From sales records, the...

Q:

Name: Period: Date: Lesson 10.3: Confidence Interval for Paired Data Check Your Understanding Researchers designed an experiment to study the effects of caffeine withdrawal. They recruited 11...

Q:

Food for Thought Which of the various forms of citizens engagement is most productive/effective in guaranteeing good governance in a country? Why? Discuss with necessary illustrations. 13...

Q:

Earl E. Bird has decided to start saving for his retirement. Beginning on his twenty-first birthday. Earl plans to invest $2,000 each birthday into a savings investment earning a 7 percent compound...