What is abc inventory classification how can this method be, Financial Management

What is abc inventory classification how can this method be

1. What is ABC inventory classification? How can this method be useful to a business?

2. Describe the assumptions underlying the basic EOQ model.

3. In general terms, describe how to deal with each of the following conditions when determining the optimal inventory level:

a. Constant (nonzero) replenishment lead time known with certainty

b. Demand and replenishment lead time subject to uncertainty

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