There is only one copying machine in the student lounge of the business school. Students arrive at the rate of λ=50 per hour​ (according to a Poisson​ distribution). Copying takes an average of 50 ​seconds, or μ=72 per hour​ (according to a negative exponential​ distribution). ​a) The percentage of time the machine is used​ =   percent​ (round your response to the nearest whole​ number). ​b) The average length of the queue​ =   students​ (round your response to two decimal​ places). ​c) The average number of students in the system​ =

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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.