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Exercise 4 In a manufacturing company two groups of managers have strongly distinct opinions about the justification of inventories: Group 1: "Inventories are costly, but they allow production smoothing over time (seasonal inventory!), make savings in setups possible (due to higher lot sizes), and act as a buffer against uncertainty (scrap, unreliable suppliers, etc.). Therefore we should emphasize the positive view. Group 2: "Inventories degrade our performance, because they hide inefficiencies and eliminate the pressure to improve our processes! Therefore we should attack inventories wherever we can!" Questions: a) "Factory Physics" as proposed by Hopp and Spearman aims at providing a scientific basis for manufacturing management. What are the basic ideas? (7 Min.) b) Assume your task is to design a concept for a study that provides a "scientific" assessment of the above arguments/points of view. What would be the essential ideas/activities/analyses in such a study? (13 Min.) (Remark: your arguments are important, not the opinion which one of the above statements is "better")