$1)$ Identify an example of inventory in your own life. Estimate how much it costs you to hold this inventory. Estimate the $$ordering cost$.$ How often do you replenish this inventory and which of the inventory policies does this most closely resemble?

$2)$ Identify the three elements of Lean and explain how they work together.

$3)$ Describe the differences between:

a$)$ process capability and process control charts. How should the two be used together?

b$)$ common and assignable causes of variation.$$Give$$examples$.$