In the ABC Inventory Classification Approach, Class C Items Account

question 48

Multiple Choice

In the ABC Inventory Classification approach, Class C items account for approximately what percentage of a firm's spend?

• A) 5%
• B) 10%
• C) 20%
• D) 25%

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Definitions:

Relative Frequency Distributions

Statistical tools used to describe the number of times a particular value occurs in relation to the total number of values.

Skewed Right

A distribution of data where the right tail (larger values) is longer than the left tail, indicating that the majority of data points are located on the left side.

Symmetric Histogram

A graphical representation of the distribution of data where the left and right sides of the histogram are mirror images of each other.

Relative Frequency Distribution

A representation that shows the proportion or percentage of observations within a dataset that fall within particular intervals or categories.