In an M/M/1 queueing system, the arrival rate is 8 customers per hour and the service rate is 11 customers per hour. (Round your answers to 3 decimal places.) What is the probability that the server will be idle? What is the probability of having exactly 4 customers in the system? What is the probability of having 3 or fewer customers in the system?

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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.