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