Which statement about the attributes associated with each part is correct?

Attributes associated with each part serve to describe the characteristics of the parts comprehensively. This includes a wide range of information that can encompass physical dimensions, material specifications, performance metrics, and other relevant descriptors that provide insights into the parts' functionalities and uses. This descriptive nature is essential for inventory management, production planning, and supply chain optimization, where understanding the full scope of a part's attributes can significantly impact decision-making and efficiency.

The other options suggest a narrowed focus that doesn't accurately reflect the broader purpose of these attributes. For instance, stating that attributes only contain cost-related information would limit the understanding of a part solely to its financial aspects, neglecting critical operational and qualitative characteristics. Similarly, defining them strictly as numerical values overlooks the inclusion of qualitative descriptors and various formats that may be used to convey necessary information about the parts. Lastly, excluding supplier data would omit a vital component that can influence part selection and sourcing, which is crucial for effective supply chain management.