A printing shop receives an average of one order per day. The average length of time required to complete an order is half a day. At any given time, the print shop can work on at most one job. Interarrivaltimes and service times are exponentially distributed.a. On average, how many jobs are present in the print shop?b. On average, how long will a person who places an order have to wait until it is finished?c. What is the probability that an order will begin work within two days of its arrival?

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A:

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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.