Answer:
The answer is to minimize the reodering cost
Explanation:
We have three motives for holding inventory
1. Transaction motives of holding inventory This is to enable day to day transaction running of inventories.
2. Precautionary motives of holding inventory: Holding inventory to guard against unforeseen circumstances or to meet emergencies. For example, unexpected increase in demand.
3. Speculative motives of holding inventory. This is the holding of inventory in order to take advantage of any potential Investments. For example, to hedge against risk, take advantage of discounts.
All the options EXCEPT 'to minimize reodering cost' option are the reasons holding inventories.
To predict future sales based on patterns of historical data. Party Supply is using <u>Analytics</u>
<h3>What is analytics?</h3>
Analytics is the discipline of systematically computing data or statistics. It is employed in the search for, analysis of, and dissemination of significant data patterns. Making successful decisions also requires utilizing data patterns.
<h3>What is the best definition of analytics?</h3>
The scientific method of converting data into insights for the benefit of better decision-making is known as analytics, according to INFORMS. Analytics is a methodology that is always action-oriented.
The usage of operations, programming, and statistics are all mentioned. It also has to deal with the investigation of information that has been transformed from raw data into insight 1. The main board can make more informed choices thanks to this procedure. In fields where data collection is excessive, it is particularly helpful.
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