ABC Analysis

ABC (Always Better Control) analysis is an important tool used in material control. As we all know that a variety of parts and materials are used in manufacturing each and every industrial product. And efficient material management calls for a selective control over all the items of inventory. Since every item of material is not equally important for controlling point of view, some expensive or critical items require more control as compared to relatively cheaper and less important items. Hence there arises a need for an analysis of these items…