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

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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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