Question 1 a. Explain how the various types of lean wastes could be relevant in a warehouse context. Provide examples in your answers. (16 marks) b. Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. Item cost Order cost Annual holding cost Annual demand Average weekly demand Standard deviation of weekly demand Lead time Service probability $10 $227 per order 32% of item cost 24,300 units 486 units 20 units 3 weeks 90% (z value = 1.28) (6 marks) i) Determine the order quantity and reorder point. ii) Determine the annual holding and order costs. iii) How would your answers above changed if the service raised to 95% (z value = 1.65)? Interpret your answer. probability is (6 marks) (5 marks)