A small bank is trying to determine how many tellers toemploy. The total cost of employing a teller is $100 per day,and a teller can serve an average of 60 customers per day.An average of 50 customers per day arrive at the bank, andboth service times and interarrival times are exponential. Ifthe delay cost per customer-day is $100, how many tellersshould the bank hire?

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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.