Glossary

A classification of a group of items in decreasing order of annual dollar volume or other criteria. This array is then split into three classes called A, B and C. The A group represents 10-20 % by number of items and 50-70 % by protejected dollar volume. The next grouping, B, represents about 20 % of the items and about 20 % of the dollar volume. The C class contains 60-70 % of the items and represents about 10-30 % of the dollar volume.

Items, goods...

A methodical examination and review of a situation or condition (as within a business entreprise) concluding with a detailed report of findings.

It is the use of control systems to control industrial machinery and processes.