The time between arrivals of buses follows anexponential distribution, with a mean of 60 minutes.a What is the probability that exactly four buses willarrive during the next 2 hours?b That at least two buses will arrive during the next 2hours?c That no buses will arrive during the next 2 hours? d A bus has just arrived. What is the probability thatit will be between 30 and 90 minutes before the next busarrives?

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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.