Inventory management is a critical but yet sometimes the overlooked part of the purchasing and supply chain management. The fear is running out of materials that would shut down production, but there is a risk of excess components due to unmet forecasts or obsolete products that are no longer being produced. Name and describe the categories of inventory-carrying costs. What do inventory turns and days of supply measure? Recommend three ways to effectively manage inventory control costs and assure smooth running production with no shortages. Support your answer with proper rationale.