Hamford Lumber would like to reduce its inventory cost by determining the optimal number of hardwood boards to obtain by order. The annual demand is for 7700 boards but there is a 5% waste (meaning more than 7700 must be purchased). The set up and order cost is $12 per order and holding cost per board is $0.85. What is the optimal number of boards to order and the optimal number of orders to make in a year? Compare and contrast JIT and Lean Operations? What are these and how do they differ? If you have one does this mean you cannot have another? Explain. Identify and discuss the benefits and all the steps you might take to reduce set up times in an automotive factory environment if you were the CEO. Provide a numerical example for each set up time improvement opportunity you identify with your response.