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The Classification Research Group manifesto of 1955, 'Faceted classification as the basis of all information retrieval', has been at least in part achieved, and there is much evidence of faceted classification influencing a whole range of modern information retrieval tools. This paper examines the theory underlying faceted classification, how and why it has been taken up so widely, and what benefits it brings to the activity of knowledge organization. The role of facet analysis as a general research tool is also considered, and how it compares with other content analysis tools as a means of modelling subject domains.