ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Outstanding importance in value
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Comparatively unimportant in values
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Comparatively important in values
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Average importance in values
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Detailed explanation-1: -ABC analysis is a method in which inventory is divided into three categories, i.e. A, B, and C in descending value. The items in the A category have the highest value, B category items are of lower value than A, and C category items have the lowest value.
Detailed explanation-2: -Detailed Solution Explanation: ABC Analysis means Always Better Control. It is a method of inventory control that involves a system that controls inventory is used for the material throughout distribution.
Detailed explanation-3: -ABC Analysis is a useful tool in inventory management that can help businesses better manage their inventory levels and make better decisions about which items to stock and how to manage them. It helps businesses save money by focusing on the A items and avoiding unnecessary stocking and managing of unimportant items.