What's ABC Analysis in Inventory Management? Figure out the Importance, Classification, Usage + Much More...!
Abstract : ABC (Always Better Control) analysis is one of the most commonly used inventory management methods. ABC analysis groups items into three categories (A, B, and C) based on their level of value within a business. In analysing the Pareto Principle is applied in a systemotic pattern Keywords : ABC Analysis, Inventory, Operations Optimisation, Annual Consumption Value, Pareto Principle Learning Outcomes After undergoing this article you will be able to understand the following 1. What's ABC Analysis? 2. Why ABC analysis for inventory management is used 3. What are the categories of classifying inventory with ABC analysis? 4. How Pareto Principle is applied in ABC Analysis? 7. What are the benefits of ABC analysis? 8. What are the shortcomings of ABC analysis? 9. How to use ABC analysis with inventory Management strategically? 10. Conclusions 11. FAQs References 1. What's ABC Analysis? ABC analysis is an inventory management techniq