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S library has 10 copies of the Operations Management textbook. The interarrival time between rental requests for the textbook is 3 days, on average, with a standard deviation of 2 days. Assume that, if all copies are rented, students are willing to wait until there is a copy available. A copy is rented, on average, for 15 days, with a standard deviation of 5 days.
1. What is the average number of textbooks that are rented out by students?
2. What is the average time a student has to wait to rent a copy?
3. How would the waiting time change if S library decides to limit all book rentals to exactly 14 days? Assume that if such a restriction is imposed, the average interarrival time will reduce to 2 days, with the standard deviation changing to 1.5 days.
Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..
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