As it relates to the Hospitality Industry what is a par level of product? What does this mean in the Hospitality industry?

As in the Hospitality Department will establish par levels of products

Is this kind of like when your boss in IT tells you that there should always be 2 spare toner cartridges and that should should attempt to keep them at this level?

Can it also be based on the past history of the usage of a product for a particular month?
It's the same thing as in any other industry ... a minimum stock level.

As for what it should be for your particular place, yes, it will be based on how quickly you tend to go through things.

These might be commonly used ingredients, but can also be other consumables like paper towels, aluminum foil, wooden skewers, takeout containers, etc.