This is a Group Assignment Spare Parts Inventory Classification Using ABC Analysis Consider yourself (in your allocated group) to belong to the same department and the same company. You are tasked with devising an inventory management plan for your department. To do this effectively, you first need to classify your spare parts inventory using the ABC Analysis. Instructions: 1. Create a list of inventory relevant to your department: each student must contribute 5 spare parts to the list. 2. For each spare part, estimate the annual consumption and indicate the unit cost. 3. Classify the parts according to the ABC analysis. Discuss your findings. Based on your analysis, propose areas of cost savings in relation to handling cost, and ordering costs. The assignment should be concise. To maintain originality, ensure that the Turnitin report is below 25% similarity with other sources

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