Environmental Scanning Means Sorting Through Information Available to the Public

question 12

True/False

Environmental scanning means sorting through information available to the public to interpret what is important and what is not.

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Definitions:

Re-Order Point

A predetermined inventory level at which new stock should be ordered to replenish supplies before reaching a critically low or stock-out situation.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

ABC Analysis

A method of categorizing inventory into three classes, A, B, and C, based on their value, volume, or frequency, to prioritize management focus and resources.