Patients arrive to a small hospital emergency room according to a Poisson process withan average rate of 1.5 per hour. Because service times for these patients vary considerably, the service times are accurately described by an exponential distribution. Supposethat the average service time is 26 minutes. If there is only a single doctor working atany point in time, find the following measures of service for this emergency room:b. The expected time each customer has to wait.

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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.