Question $26(4$ points$)$

$1)$ Briefly explain how reorder point planning works $(1$ point$)$

$2)$ Briefly explain what the lead time is and how it affects the reorder point $(1$ point$)$

$3)$ Briefly explain how the reorder point is determined? $(1$ point$)$

$4)$ Briefly explain how the safety stock reduces risk of inventory shortage. $(1$ point$)$