At a fashion retailer, there are three cashiers providing checkout service simultaneously. On average, customers arrive at the checkout area every 6 minutes. It is estimated that the customer arrival process is a Poisson process. The average checkout time for each customer is 12 minutes, with its standard deviation equal to 15 minutes. Suppose that customers form a single line. What is the average waiting time in minutes for a customer?  Note: 1. Keep 2 decimal places for your final answer. Either use Excel for your calculation, or keep at least 4 decimal places for your intermediate numbers. 2. The Poisson arrival process has exponentially distributed inter-arrival times.

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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.