Question 5 ( 25 Marks) a) Define the bullwhip effect and discuss the advantages of holding inventory far upstream or downstream in the supply chain. (5 Marks) b) Define Just-in-Time and discuss why a small pepper sauce manufacturer may want to implement JIT in their operation. (8 Marks) c) What do you foresee as some of the challenges to adopting JIT best practices in such a company? (5 Marks) d) Explain the concept of Vendor Management Inventory and its application in businesses (using examples where practical) AND discuss the pros and cons of using a Vendor Managed Inventory System. (7 Marks)