While management considers your recommendations of the company's service-level issues, explain the concept of inventory management as it relates to service operations management.

Include the followingin your answer:

• The role of inventory
• Inventory strategies (including vendor managed, consignment, and just-in-time)
• Lead times and service levels
• Economic and cost considerations
• Specifically address inventory management as it relates to service and the scenario company
• What are some of the biggest challenges around inventory management, including supplier management (including hardware, software, and other technology solutions)?
• Please include in text citations and minimum of three references in your writing