Final answer:
Managing inventory levels is an essential element of the planning/control operations decision area in business, ensuring the availability of the right products at the right time and cost.
Step-by-step explanation:
Managing inventory levels is indeed a critical aspect of planning/control operations in business. This falls under the broader concept of operations management, which involves planning, organizing, and supervising in the contexts of production, manufacturing, or the provision of services. Effective inventory management ensures that a company has the right products available at the right time, in the right quantities, and at minimal cost to meet customer demand without incurring excess storage costs.
Inventory management involves a variety of strategic decisions such as the quantity of inventory to hold, the location of inventory, and the replenishment schedules. It requires careful coordination between different departments such as sales, procurement, and logistics. Advanced systems like Just-In-Time (JIT) and Economic Order Quantity (EOQ) models are often used to optimize these decisions. Thus, the answer to the student's question is A. True.