A tractor operator has only one tractor and he operates it on the job order from farmers. The requestors for the jobs arrive with Poisson distribution having interval time of 0.7 day. The average time to do a job is distributed exponentially with mean 0.5 day. Assuming that the tractor can take up the next job immediately on completion of the previous job, determine the following: i. Will a queue be formed? Explain ii. If queue is formed will it statistically stabilize? Explain your answer iii. What is the utilization factor of the tractor? iv. What is the idle time in daily duty of 7 hours? v. What is the mean number of job orders waiting? vi. What is the mean waiting time for job orders in the system? vii. What is the mean waiting time in the queue?

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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.