2 Operations Management questions

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? How can service companies carry labor inventory? Could there be a just-in-time labor model? What would that organization look like?

At least 250 words each. APA citation.

Required Text:

David A. Collier & James R Evans (2013). OM4 or OM6 South Western Cengage: Boston, MA. ISBN- 13: 978- 1- 133- 37242- 4