The Gunn General Store is interested in developing a model to predict the probability that the clerk is busy and a customer has to wait. Using a single service model, a Poison distribution for customer arrivals, and service times that are exponentially distributed, the company has determined that λ=13 and μ=16. What is the probability that the clerk is busy and a customer has to wait?   a. 0.23 b. 0.81 c. 0.19 d. 0.77

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.