Explain the different types of costs related to inventory planning and explain the trade-offs involved in the economic order quantity.

Explain the different types of costs related to inventory planning and explain the trade-offs involved in the economic order quantity. Comment on what effects a low interest rate environment like we've been experiencing would alter inventory decisions based on EOQ.
Early in the chapter it was stated that planning inventory levels is both an art and a science. Explain why this is true. Use any examples you might have from experience to support your answer.
Suppose you have been given the task of reducing inventory in your company, without negatively impacting customer service. What actions might you be able to take to accomplish this task? How could you manage and leverage your supply chain partners to accomplish this task?