Inventory Management and Lean Systems essays

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Please answer the following two questions in a form of essay:

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Inventory Management:

In a one page Essay, explain to me what
are holding costs and inventory costs, and explain the relationship
between the two when defining an inventory policy. Identify an example
of inventory in your own life. Estimate how much it costs you to hold
this inventory. Estimate the ‘‘ordering cost.’’ How often do you
replenish this inventory and which of the inventory policies does this
most 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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