$04.$ Working capital management involves a set of activities performed by a company to make sure if get enough resources for day today operations.

a$.$ Briefly explain the concept of operating cycle and cash conversion cycle.

b$.$ Discuss how a company can optimise its cash conversion cycle for improving its working capital management.

c$.$ Suppose a financial consultancy service firm is currently working on a project to improve the capital management of a garment factory. Discuss the significance of improving the receivables and inventory management to the garment factory.