Terry runs a steak-burger shop near Winona, MN. Customers are waiting in a single waiting line served by a single kitchen (To simplify the matter, let’s assume that the order placement process is fast enough so that customers are being released at the same pace they arrive). The kitchen makes 18 burgers per hour. Recently, a highway is constructed near his burger shop so that the demand has increased substantially. Now he is looking at, on average, 4-minute inter-arrival time. His shop operates 8 hour a day. 1) About 1 in 4 customers will decide not to join the waiting line if they see the line has more than 4 people waiting. Each lost sales opportunity costs the business $20. Currently, how much is the total daily loss due to the long waiting line?

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A: THE ANSWER IS AS BELOW:

Q: #9

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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.