Independently answer the following essay questions using your own words. Avoid using quoted material to make your points, but do cite sources if you use facts or information derived from publications.

• Identify four primary functions of inventory, and give a practical example to illustrate each function in anaction related to an aviation or aerospace operation.
• Definethree account categories of inventory carrying costs and provide a concrete example or illustration of each such cost applied in the aviation or aerospace fields.
• Compare and contrast the effects of three main transportation cost factors on how those factors influence the choice of air transport versus the use of truck or rail transport.