The time it takes a mechanic to change the oil in a car is exponentially distributed with a mean of 5 minutes. What is the probability that it will take a mechanic more than 4 minutes to change the oil?Explain the probability description & Formulation. Use spreadsheet and solve for the answer

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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.