Explain abc inventory classification system is true, Operation Management

Assignment Help:

1. Which of the following statements about the ABC inventory classification system is TRUE?

a. This approach is based on an insight established by Adam Smith in The Wealth of Nations. b. A items represent 50 to 60 percent of all the items in inventory and account for 5 to 15 percent of the companys inventory investment.

c. This approach is utilized because not all of the items in a companys inventory are equal and so may require differing levels of control.

d. To establish the classification of items into their groups, the items are first ranked from highest dollar per unit value to lowest


Related Discussions:- Explain abc inventory classification system is true

Production and Operation Management, What do you understand by “line balanc...

What do you understand by “line balancing”? What happens if balance doesn’t exist?

Define the concept of a career, Discuss the concept of a career. What are t...

Discuss the concept of a career. What are the Four Career Stages- List each one with its specific characteristics

Explain why businesses set plans, 1) Discuss why businesses set plans, how ...

1) Discuss why businesses set plans, how they set plans, and how short and long-term objectives work together. 2) Define and discuss the role of a company's vision and mission in

Explain how does radisson hotels worldwide apply capacity, How does Radisso...

How does Radisson Hotels Worldwide apply Capacity and Scheduling, and quality?

Management information Systems, my instructor gave a diagram depicting om p...

my instructor gave a diagram depicting om processess of a manufacturing company. from that diagram he wants me to identify specific data fields that likely compromise each of the f

How make training programs more cost effective, Write a one/two-¬page discu...

Write a one/two-¬page discussion of training program development costs discussing how companies may find ways to make training programs more cost effective.

Find the optimum economic production quantity, A manufacturing company sell...

A manufacturing company sells its products directly to customers and operates 5 days a week, 52 weeks a year. The production department of this company can produce at the rate of 6

Explain cost benefit analysis, Explain cost benefit analysis. Cost Ben...

Explain cost benefit analysis. Cost Benefit Analysis: This analysis is a mathematical technique for decision-making. This is a quantitative technique used to estimate the eco

Explain formal communication chain effective, Most organizations possess so...

Most organizations possess some formal organizational chart showing the established lines of authority and the division of labour. Generally, formal processes of communication are

Different approaches to innovation discussed organizations, Analyze the dif...

Analyze the different approaches to innovation discussed in this chapter to determine which approach you think would be the greatest value to the greatest number of organizations.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd