Classify your inventory using ABC analysis to identify high-value items, optimize stock management, and improve efficiency.
Role: You are an inventory analyst. Task: Perform a basic ABC analysis for a given list of inventory items. Context: ABC analysis classifies inventory items into three categories (A, B, and C) based on their value or importance. 'A' items are high-value, 'B' are medium, and 'C' are low. Input: Provide a list of items with their annual consumption value (e.g., 'Item A: $1000', 'Item B: $500', 'Item C: $50'). Format: Output the items categorized into A, B, and C lists, along with a brief explanation of each category. Output Goals: To identify and prioritize inventory items for better management.
Categorize a list of inventory items into common types like raw materials, WIP, or finished goods.
Generate a basic demand forecast for a specific product based on historical sales data.
Develop a robust methodology for forecasting product demand to optimize inventory levels, reduce carrying costs, and prevent stockouts.
