Marty's Barber Shop has one barber. Customers have an arrival rate of 2.2 customers per hour, and haircuts are given with a service rate of 4 per hour. Use the Poisson arrivals and exponential service times model to answer the following questions: What is the probability that one customer is receiving a haircut and two customers are waiting? If required, round your answer to four decimal places. P3 = fill in the blank 4 What is the probability that more than two customers are waiting? If required, round your answer to four decimal places. P(More than 2 waiting) = fill in the blank 5 What is the average time a customer waits for service? If required, round your answer to four decimal places. Wq = fill in the blank 6 hours

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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.