When customers arrive at Gilley’s Ice Cream Shop, theytake a number and wait to be called to purchase ice creamfrom one of the counter servers. From experience in pastsummers, the store’s staff knows that customers arrive atthe rate of 35 per hour (Poisson distributed) on summerdays between 3:00 P.M. and 10:00 P.M. and a server canserve 15 customers per hour on average (Poisson distributed). Gilley’s wants to make sure that customers wait nolonger than 5 minutes for service. Gilley’s is contemplatingkeeping three servers behind the ice cream counter duringthe peak summer hours. Will this number be adequate tomeet the waiting time policy?

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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.