ABC Analysis Practice Exam

ABC Analysis Practice Exam

About ABC Analysis

ABC analysis is an important technique in materials management and is used for classifying the inventory for an organization or even for households.

The classification by ABC analysis helps in focusing on items which are crucial for operations. Items are classified into 3 categories—

ABC analysis has been widely adopted in

• A class items - very important for operations and hence, need very tight control and accurate records
• B class items - somewhat important for operations and hence, require lesser control and should have good records about stock level
• C class items - not very important for operations and hence, require the simplest controls as applicable and minimal records.

ABC analysis has been widely adopted in

• Materials management
• Inventory Management
• Stores Management
• Stock Management
   

ABC analysis finds application in inventory costing.

Why is Certification in ABC Analysis important?

ABC Analysis enables the store or inventory managers in an organization to classify and easily manage the inventory or supplies for the organization. The analysis enables managers to take informed and focused decisions regarding procurement, sale or scrapping of goods.

Organizations save scrapping and make them agile in ordering as per their need.

Professionals expert in ABC analysis are in great demand in inventory or materials management departments of companies across the globe.

Important ABC Analysis Concepts 

Various important concepts of ABC Analysis includes

• Stores Functions
• Stores Organization
• Stores Systems and Procedures
• Stores Accounting and Verification Systems
• Stores Address System
• Exchange curve and aggregate inventory planning
• Deterministic and Probabilistic Inventory Models

Who should take the ABC Analysis Exam?

Certificate in ABC Analysis is designed for professionals aspiring to make a career in Material management  The certification is suitable for Students, Engineers, store managers, inventory professionals and material managers. Also, the Certificate in ABC Analysis can be taken by professionals who are looking forward to better opportunities in inventory or stores management.

ABC Analysis Certificate Exam Objectives

ABC Analysis exam focuses on assessing your skills and knowledge in concepts and application of ABC analysis.

ABC Analysis Certificate Exam Prerequisite

There are no prerequisites for the ABC Analysis exam. Candidate should be well versed  in ABC Analysis to clear the exam.
 

ABC Analysis Course Outline

The ABC Analysis Certification exam covers the following topics - 

1. Overview of Materials Management
1.1 Overview
1.2 Role of Material Management
1.3 Meaning of Quality Assurance Standards of Material Management
1.4 Corporate Policy of MM/JIT/Kanban
1.5 Organization of Materials Management Functions

2. Purchasing Procedures
2.1 Purchasing
2.2 Purchasing Systems
2.3 Pricing Objectives
2.4 Selection of Source (Supplier)
2.5 Vendor Management, Legal Aspects E-Procurement Purchase Auction

3. Stores Management
3.1 Introduction
3.2 Stores Systems and Procedures
3.3 Incoming Materials Control
3.4 Radio Frequency Identification (RFID) Technology

4. Inventory Control
4.1 Overview
4.2 Economic Order Quantity (EOQ)
4.3 Codification / Cataloguing
4.4 Management of Automatic Procurement Items
4.5 ABC Analysis

5. Inventory Management
5.1 Introduction to Inventory Systems
5.2 Functions of Inventory
5.3 Classification of Inventory Systems
5.4 Selective inventory management
5.5 Exchange curve and aggregate inventory planning
5.6 Deterministic Inventory Models
5.7 Probabilistic Inventory Models
5.8 Inventory Control of Slow Moving Items
5.9 Recent Developments in Inventory Management

6. Stores Management
6.1 Introduction
6.2 Stores Functions
6.3 Stores Organization
6.4 Stores Systems and Procedures
6.5 Stores Accounting and Verification Systems
6.6 Stores Address System
6.7 Store Location and Layout
6.8 Store Equipment
6.9 Automated Storage/Retrieval

 Exam Format and Information

Certification name – Certificate in ABC Analysis

Exam duration – 60 minutes

Exam type - Multiple Choice Questions

Eligibility / pre-requisite - None

Exam language - English

Exam format - Online

Passing score - 25

Exam Fees  - INR 1199