ABC Ranking

Finally we could rank items on this basis and set up the frequency of count dependant on the ranking.

For example:

Category A (which could then be classed as the high value or high volume items) – Count frequently as this makes up a high percentage of annual inventory cost.

Categories B and C are then counted less frequently as they are a lower cost per item or used in smaller quantities, and therefore make up a lower percentage of the annual costs.

In order to produce a Pareto and ABC classification the following process should be followed which begins by using the annual item usage cost and unit costs.

Item No. Description Annual Usage Unit Cost Annual Usage Cost
1001 Moulding A 20,000 £1.42 £28,400.00
1002 Moulding B 10,000 £0.51 £5,100.00
1003 Moulding C 5,000 £2.65 £13,250.00
1004 Pressing A 20,000 £0.32 £6,400.00
1005 Pressing B 10,000 £0.12 £1,200.00
1006 Pressing C 5,000 £0.22 £1,100.00
1007 Bolt A 24,333 £0.01 £243.33
1008 Bolt B 23,007 £0.01 £230.07
1009 Nut A 24,096 £0.01 £240.96
1010 Nut B 22,455 £0.01 £224.55

 Table 10: Annual Usage Cost (Item No order)

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