ENTREPRENEURIAL OPERATIONS
PRODUCTION PLANNING AND CONTROL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ABC analysis
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is meant for relative inventory control
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is a basic technique of materials management
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does not depend upon the unit cost of the item but on its annual consumption
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all of the above
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Explanation:
Detailed explanation-1: -ABC analysis is an inventory management technique that determines the value of inventory items based on their importance to the business. ABC ranks items on demand, cost and risk data, and inventory mangers group items into classes based on those criteria.
Detailed explanation-2: -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.
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