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Inventory records, product specs, shipping documents contain errors. The now outmoded MRP scheduling approach too often moves inventory into stock that doesn’t reflect customer needs and cannot efficiently make frequent adjustments to accommodate variations in those needs. Overhead costs are excessive (due to systemic disorder).
ABC Analysis: A form of Pareto analysis applied to a group of products to enable selective inventory management controls. ABC Classification: The classification of inventory, after ABC analysis, into three basic groups for the purpose of stock control and planning. A items may also be of strategic importance to the business concerned.
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