Read the assignment textbook, and search the internet to answer the following questions: 

1. What is the purpose of materials management?

2. What are the responsibilities of capacity management?

3. Describe the advantages and disadvantages of the following ways of describing functional requirements. Give examples of when each is used.

By brand

By specification of physical and chemical characteristics, material and method of manufacture, and performance.

4. Why is stock location important in a warehouse? Name and describe four basic systems of stock location and give examples of each system from a retail setting.

5. A company normally ships to a customer by rail for $500 per load. The transit time is 14 days. The goods can be shipped by truck for $700 per load in a transit time of 4 days. If transit inventory cost is $35 per day, what does it cost to ship each way? Provide your calculations.