Many of a bank’s customers use its automatic teller machine to transact business after normal banking hours. During the early evening hours in the summer months, customers arrive at a certain location at the rate of one every other minute. This can be modeled using a Poisson distribution. Eachcustomer spends an average of 90 seconds completing his or her transactions. Transaction time isexponentially distributed. Determine the following:a. The average time customers spend at the machine, including waiting in line and completingtransactionsb. The probability that a customer will not have to wait upon arriving at the automatic tellermachinec. The average number waiting to use the machine

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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.