Teddy Equipment Rental (TER) rents farm equipment in an agricultural town in Texas. Five customers arrive between 8 AM and 9 AM. The table below shows data regarding their arrival and service times.  Assume the following: Teddy Equipment Rental’s queuing system does NOT follow M/M/1. 8:00 AM is the starting time and there is only one server who is continuously working (no breaks) until 9 AM. The server has to complete ‘servicing’ one customer before they can begin ‘servicing’ another customer. Customer Number Arrival Time Service Time Service Ends 1 8:06 AM 2 8:08 AM 2 8:07 AM 10 8:18 AM 3 8:12 AM 10 8:28 AM 4 8:24 AM 11 8:39 AM 5 8:30 AM 7 8:46 AM   In the above Teddy Equipment Rental mini-scenario, the average time a customer is in the system is: a. 5 minutes b. 8 minutes c. 12 minutes d. More than 13 minutes

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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.