Wingard Credit Union is interested in understanding how long customers spend in front of the ATMs. Customer service times follow an Exponential distribution, with an average customer taking 1.5 minutes to complete a transaction. Calculate the probability that a customer will take less than half a minute. Additionally, calculate the probability that a customer will take more than 3 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.