The Wearever Shoe Company is going to open a new branchat a mall, and company managers are attempting to determinehow many salespeople to hire. Based on an analysis of malltraffic, the company estimates that customers will arrive atthe store at the rate of 9 per hour (Poisson distributed), andfrom past experience at its other branches, the companyknows that salespeople can serve an average of 6 customersper hour (Poisson distributed). How many salespeople shouldthe company hire in order to maintain a company policy thaton average a customer should have to wait for service nomore than 30% of the time?

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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.