What are the meanings of production planning and inventory planning?

Question

What are the meanings of production planning and inventory planning?

Answer 1

Production planning is where you allocate your raw materials to meet the customers orders by  the set deadline.

Inventory planning is where you plan to make inventory to cover lead times from suppliers  so you do not run out of materials for your customers and  designate wip caps for production purposes.

Answer 2

Production planning is related to goods anticipated to be produced, inventory planning is the process of planning what inventory needs to be on hand to meet the production goals