Question$1$

a$)$ Explain the difference between activity$-$based management and activity$-$based costing.

b$)$ What is the economic order quantity $|$model$?$ What can it be used for?

c$)$ Under EOQ approaches, order costs can be minimised by placing large, infrequent orders for

inventory. However, under JIT, inventory$-$related costs are reduced by ordering frequently and in

small quantities. Can you explain why both of these statements are correct?