Question Description
Please answer the following two questions in a form of essay:
Inventory Management:
In a one page Essay, explain to me whatare holding costs and inventory costs, and explain the relationshipbetween the two when defining an inventory policy. Identify an exampleof inventory in your own life. Estimate how much it costs you to holdthis inventory. Estimate the ‘‘ordering cost.’’ How often do youreplenish this inventory and which of the inventory policies does thismost closely resemble?
Lean Systems
In a one page essay describe the steps involved in developing a lean Six Sigma supply chain. Describe the core beliefs of Lean and how they could be implemented in your own life.
Every question is in one page, so total 2 pages SINGLE SPACED. Use the Class material attached.
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