Benny the Barber owns a one-chair shop. At barber college, they told Benny that his customers would exhibit a Poisson arrival distribution and that he would provide an exponential service distribution. His market survey data indicate that customers arrive at a rate of 2.5 per hour. It will take Benny an average of 20 minutes to give a haircut. Based on these figures, find the following: a. The average number of customers waiting Note: Round your intermediate calculations to 3 decimal places and final answer to 2 decimal places. b. The average time a customer waits. Note: Round your answer to 2 decimal places. c. The average time a customer is in the shop. Note: Round your intermediate calculations to 3 decimal places and final answer to 1 decimal place

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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.