Your company has compiled the following data on the small set of products that comprise the specialty repair parts division.Perform ABC analysis on the data.Which products do you suggest the firm keep the tightest control over? Explain.
Definitions:
Sample Statistics
Values calculated from a sample and used to estimate population parameters.
Overlay Charts
Graphical representations that display multiple data sets on top of one another for comparison purposes.
Frequency Data
Information that shows how often certain values, variables, or categories occur within a dataset.
Forecasts Comparison
The process of evaluating and analyzing multiple predictions to determine accuracy or to make informed decisions.
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