Larry Ellison starts a company that manufactures high-end custom leather bags. He hires three employees. Each employee only begins working on a bag when a customer order has been received and then she makes the bag from beginning to end. The average production time of a bag is 1.8 days, with a standard deviation of 2.1 days. Larry expects to receive one customer order per day on average. The interarrival times of orders have a coefficient of variation of one. What is the expected duration, in days, between when an order is received and when production begins on the bag?

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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.