Question: ABC analysis is an inventory categorization technique used to prioritize items based on their importance. It classifies inventory into savings. true or false

ABC analysis is an inventory categorization technique used to prioritize items based on their importance. It classifies inventory into savings. true or false

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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

Students Have Also Explored These Related General Management Questions!

Rebecca Isbell Optical Corporation is trying to determine an appropriate capital structure. It knows that, as its financial leverage increases, its cost of borrowing will eventually increase as will...

In materials management ABC analysis is an inventory categorization. technique, which divides an inventory into three categories, "A" items with simplest controls possible and accurate records, "B...

Which of the following is NOT a primary function of operations management? a) Planning b) Marketing c) Controlling d) Organizing Lean production aims to: a) Maximize resource utilization b) Minimize...

Total Quality Management (TQM) emphasizes: a) Maximizing profit margins b) Reducing customer satisfaction c) Continuous improvement and customer focus d) Decreasing production efficiency Which...

JIT (Just-In-Time) is a philosophy that aims to: a) Maximize production at all times b) Minimize production costs c) Minimize waste and reduce inventory levels d) Maximize warehouse space utilization...

Lean production aims to: a) Maximize resource utilization b) Minimize customer satisfaction c) Reduce waste and increase efficiency d) Maximize production batch sizes Which inventory management model...

please dont use AI ( I NEED CORRECT ANSWERS ) 1 . What is the primary goal of operations management? a ) Maximizing profit b ) Minimizing costs c ) Maximizing customer satisfaction d ) Minimizing...

Question 1 ABC analysis is based on the presumption that carefully controlling all items is necessary to produce important inventory savings. T True F False Question 2 At the economic order quantity,...

5. Which production system is characterized by large batch sizes and a focus on economies of scale? a) Mass production b) Lean production c) Just-in-Time production d) Job shop production 6. Total...

4. The process of converting raw materials into finished products is known as: a) Procurement b) Production c) Distribution d) Quality control 5. Which production system is characterized by large...

6. Total Quality Management (TQM) focuses on: a) Maximizing efficiency b) Reducing production costs c) Continuous improvement and customer satisfaction d) Increasing product variety 7. Which of the...

Mary purchased a 1/3 interest in partnership for $500 cash. What is Jane's intial outside basis and the balance to her capital account at the time of purchase? In the absence of a Section 754...

A Fortune study found that the variance in the number of vehicles owned or leased by subscribers to Fortune magazine is .94. Assume a sample of 12 subscribers to another magazine provided the...

a - 1 . What is Nadia's AMTI this year if she deducted $ 1 7 , 0 0 0 of itemized deductions last year ( including a total of $ 4 , 4 0 0 of real property taxes and state income taxes ) and did not...

What is an example of constructive feedback? provide reference