An average of 40 students per hour arrive at the MBAcomputing lab. The average student uses a computer for 20minutes. Assume exponential interarrival and service times.a If we want the average time a student waits for a PCto be at most 10 minutes, how many computers shouldthe lab have?b If we want 95% of all students to spend 5 minutesor less waiting for a PC, how many PCs should the labhave?

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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.