Which of the following statements will hold good in the case of a system with uncertainty in demand for service and in service times? When the utilization of resources fall it is an indication of greater efficiency of the service   It is a good practice to plan for resource utilization levels more than 85%   Cost of waiting to get serviced is directly proportional to the cost of providing the service   None of the above

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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.