During registration at Tech every quarter, students in the Department of Management must have their courses approved the departmental advisor. It takes the advisor an average of 4 minutes (exponentially distributed) to approve each schedt and students arrive at the advisor's office at the rate of 5 per hour (Poisson distributed). Compute L, Lq, W, Wą, and p. Lq W hr Wq hr

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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.