Materials procurement and management requires grading of materials according to the importance or significance of the same. This can be based on many factors such as
- consumption value of the item (ABC Method)
- consumption rate of the item (XYZ-FSN Classification)
- ease of availability of the item (SDE and GOLF Methods)
- criticality of the item (VED/RAM/VEIN Method)
- combination of above factors (Multivariable Methods)
- mathematical modelling (Econometric Models)
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