n the ticket counter , customer arrivers in the queue according to Poisson process with 15 / hour mean rate . The total time taken to serve a customer has an exponential distribution with 150 seconds of mean . What is the average waiting time of a customer ( both in Queue and System ) ? Queue - 125Sec, System - 225Se Queue 250 Sec , System 325 Sec Queue 250 Sec , System 400 Sec Queue 225 Sec , System 125 Sec

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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.