5: Develop a Chase Strategy and a Level Strategy using the information below. The strategies must comply with the following guidelines: The Level Strategy requires the use of a constant workforce equal to the average requirement of the expected demand Chase strategy should use 'hiring and firing' actions to balance the capacity. During July, the company has twenty-five workers working one eight-hours shift. Show and explain which is the best plan. Beginning Inventory Demand Forecast Number of working days by month Costs: Materials Inventory holding cost Marginal cost of stockout Marginal cost of subcontracting Hiring and training cost Layoff cost Labor hour required per unit Straight line cost (first eight hours each day) Overtime costs Aug 500 Sep 300 Oct 250 Nov 200 1500 21 1100 20 1400 23 1500 22 $20/per unit $10/unit per month $25/unit per month $100 $1,500/per worker $3,000/per worker 1.50 per unit $15/ per hour $30/per hour