A production plant has three machines and the two products move about among these three machines. Upon completion of the process at machine i, it moves to the next available machine out of the two remaining machines. Therefore, there are always two busy machines. If the service times of these machines follow an exponential distribution with a rate of μ1=2/min, μ2=1 /min, μ3=4 /min, respectively, what proportion of time machine 1 will be idle

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Inventory Management

The supply chain is crucial to a firm's operations as it manages the inflow and outflow of products that are manufactured from the initial stage to the end product. It also considers the raw materials needed at different stages of production and when the work is in progress. Inventory management functions consist of ordering, storing, and procuring the organization's inventory like raw materials, factors, and finished products. It's also used for controlling the number of products for trade and helps manage the organization's inventory and stock. Inventory Management has been defined as having the right inventory, of the right volume, at the right cost.