Explain When It Is Better to Use the Continuous Inventory

question 36

Essay

Explain when it is better to use the continuous inventory system and when it is better to use the periodic inventory system.Discuss how the ABC classification system provides guidance in selecting one versus the other.

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Definitions:

Self-serving Bias

The common tendency to credit ourselves for our successes (attributing them to internal factors) while attributing our failures to external factors.

Stereotyping Bias

The preconceived and oversimplified beliefs or ideas about particular groups of people, which can influence judgments and decisions unconsciously.

Self-concept

An individual's perception of themselves, shaped by their experiences, beliefs, and attributes.

Self-deception

The act of lying to oneself or convincing oneself of a truth that is actually false.