Final answer:
ABC analysis is the inventory management technique used to categorize inventory items based on their value and relevance, ultimately helping businesses prioritize resources and optimize inventory control.
Step-by-step explanation:
The technique for ranking items in a group based on value, activity, sales, or other relevant metric is d. ABC analysis. This method is used in inventory management to categorize inventory items into three classifications (A, B, and C) based on their importance.
'A' items are the most valuable, accounting for a significant portion of the inventory value but are small in number. 'B' items are of moderate value and quantity.
'C' items are the least valuable and typically make up the majority of the items but contribute the least to the inventory value.
The technique for ranking items in a group based on the value, activity, sales, or other relevant metric for the items is called ABC analysis. This is a commonly used technique in inventory management.
It involves categorizing items into three categories: A, B, and C, based on their importance, with A being the most important and C being the least important. This helps businesses prioritize their inventory management efforts and allocate resources accordingly.