Discuss the ABC classification inventory using a suitable diagram

ABC classification is a technique used in inventory management to categorize items based on their importance and impact on inventory control. The classification helps in prioritizing inventory management efforts and resources effectively. The ABC classification is based on the Pareto Principle, often referred to as the 80/20 rule, which suggests that approximately 80% of the effects come from 20% of the causes.

ABC Classification Criteria:

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