A single server queuing system with a Poisson arrival rate and exponential service time has an average arrival rate of 9 customers per hour and an average service rate of 13 customers per hour. The probability of 6 customers in the system is : a. 0.9661 b. 0.8899 c. 0.3077 d. 0.03388

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A:

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A: Given data is Arrival rate = 3  Service rate = 8

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.