Answer each question in at least 400 words with good content

1.      Define inventory and discuss why inventories are maintained. What are the four Inventory Models?

2.      What is the difference between yield management and revenue management for service-based organizations? Could there be a just-in-time labor model?

3.      What is Quality Management? What does it mean to have a Lean Operation?

4.      What is OM Scheduling and Resourcing?