Calls arrive at Lynn Ann​ Fish's hotel switchboard at a rate of 1.5 per minute. The average time to handle each is 20 seconds. There is only one switchboard operator at the current time. The Poisson and negative exponential distributions appear to be relevant in this situation

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A:

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Q: When are two events said to be Independent? give a real-life example to explain the answer.

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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.