What's VED Analysis in Inventory Management? Figure out the Importance, Classification, Usage + Much More...!
Abstract VED analysis is an inventory management technique that classifies inventory based on its functional importance. It categorizes stock under three heads based on its importance and necessity for an organization for production or any of its other activities. VED analysis stands for Vital, Essential, and Desirable. Keywords Vital, Essential, Desirable. Inventory, Materials Management, Learning Outcomes After undergoing this article you will be able to understand the following 1. What's VED Analysis? 2. Why VED analysis is important for inventory management? 3. How the categories of VED analysis are effectively carried out? 4. What are the benefits of VED analysis? 5. What are the shortcomings of VED analysis? 6. What's the Applications of VED analysis? 7. How to devise strategies for VED analysis in inventory Management ? 8. Conclusions 9. FAQs References 1. What's VED Analysis? VED analysis is an inventory classification techniq