The C-class contains 60 to 70% of the items, and represents about 10 to 30% of the dollar volume.

ABC System: In cost management, a system that maintains financial and operating data on an organization's resources, activities, drivers, objects and measures.

ABC Models are created and maintained within this system.

2) The value of the test statistic that divides all possible values into acceptance and rejection regions.

Acceptance Sampling: 1) The process of sampling a portion of goods for inspection rather than examining the entire lot.

The A group represents 10 to 20% by number of items, and 50 to 70% by projected dollar volume.

The next grouping, B, represents about 20% of the items and 20% of the dollare volume.

The entire lot may be accepted or rejected based on the sample even though the specific units in the lot are better or worse than the sample.

There are two types: attributes sampling and variables sampling.

glossary of transportation, logistics, supply chain, and international trade terms help.