There are eight levels of information that can be generated from data. Which of

Question

There are eight levels of information that can be generated from data. Which of the following events is most related to the generation of Forecasts in an inventory management system? The need to know the total quantity needed for a part in the next quarter. The need to identify parts in a store that are likely to run out of stock. The need to know when the stock level of a part goes below a certain threshold. The need to keep the least amount of stock to serve the most number of orders for parts.

Explanation / Answer

ANS: The need to know the total quantity needed for a part in the next quarter

Reason: The total requirement for the next quarter is actually the forecasted value. Basis that, inventory management plan can be prepared to best suit the need. Knowing about parts as to when they will stock out or stock level will not help in forecast

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