ABC classification system

Describe the ABC classification system. What is the purpose of classifying items in this fashion? What would be the primary value of ABC analysis to a retailer? To a manufacturer?
150 words 1 reference

A vendor keeps careful records of the number of magazines she sells each day and the various costs that are relevant to her decision regarding the optimal number of magazines to purchase. For what reason might her results be inaccurate? What would she need to do in order to accurately measure the daily demand for magazines?
150 words, 1 reference

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An ABC classification system entails the technique used to categorize inventory in materials management. The categorization consists of A items: outstandingly important, very tightly controlled and precise records, B items: averagely important, less controlled and average records and C items that consist of relatively important, simple control and minimal records……………………….

APA
351 words