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2. Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimize inventory costs such as holding costs, shortage costs, and order costs. a. Using your company in question 1 use this production scheduling model to explain its significance and how it helps management minimize inventory costs by addressing the following: (5 marks) i. ideal order quantity ii. holding costs, iii. shortage costs, and iv. order costs 1. Using the modern-day manufacturing concepts identify an industry/company and explain how it would use and benefit from the following concepts a. Materials requirement Planning (MRP) and illustrate how you would develop the master production schedule for the organisation. (5 marks) b. Illustrate the flow of information and materials in an MRP system. (2 marks) c. Manufacturing Resource Planning (MRP 2) (5 marks) d. Distribution Resource Planning (DRP) (5 marks) e. Enterprise resource planning (5 marks) f. Just in Time (JIT) and illustrate a simple kanban system for the organisation. (3 marks) g. Vendor Managed Inventory