answer all acuratly
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This assignment requires answering four questions each with a minimum word count of 250 words and at least three scholarly sources. The specific assignment is attached as well as pages of the required reading. 4 pages of the reading is attached, the other pages will be sent when a tutor is selected.
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Write a one paragraph introduction to the topic with a primary focus on creating a thesis statement for the paper. This thesis statement is critical for ensuring the paper has addressing the same question throughout.
The workload in many areas of bank operations has the characteristics of a nonuniform distribution with respect to time of day. For example, at Chase Manhattan Bank in New York, the number of domestic money transfer requests received from customers, if plotted against time of day, would appear to have the shape of an inverted U curve with the peak around 1 P.M. For efficient use of resources, the personnel available should, therefore, vary correspondingly. A variable capacity can be achieved effectively by employing part-time personnel. Because part-timers are not entitled to all the fringe benefits, they are often more economical than full-time employees. Other considerations, however, may limit the extent to which part-time people can be hired in a given department. The problem is to find an optimum workforce schedule that would meet personnel requirements at any given time and also be economical. Some of the factors affecting personnel assignment are listed here: By corporate policy, part-time personnel hours are limited to a maximum of 40% of the day’s total requirement. Full-time employees work for 8 hours (1 hour for lunch included) per day. Thus, a full-timer’s productive time is 35 hours per week. Part-timers work for at least 4 hours per day but less than 8 hours and are not allowed a lunch break. Fifty percent of the full-timers go to lunch between 11 A.M. and noon, and the remaining 50% go between noon and 1 P.M. The shift starts at 9 A.M. and ends at 7 P.M. (i.e., overtime is limited to 2 hours). Any work left over at 7 P.M. is considered holdover for the next day. A full-time employee is not allowed to work more than 5 hours overtime per week. He or she is paid at the normal rate for overtime hoursnot at one-and-a-half times the normal rate applicable to hours in excess of 40 per week. Fringe benefits are not applied to overtime hours.
In addition, the following costs are pertinent:
1. The average cost per full-time personnel hour (fringe benefits included) is $10.11.
2. The average cost per overtime personnel hour for full-timers (straight rate excluding fringe benefits) is $8.08.
3. The average cost per part-time personnel hour is $7.82.
The personnel hours required, by hour of day, are given in the following Table.
TABLE: Workforce Requirements
NUMBER OF PERSONNELTIME PERIOD REQUIRED910 A.M.14101125111226121 P.M.381255236034514-5295-6146-79
The bank’s goal is to achieve the minimum possible personnel cost subject to meeting or exceeding the hourly workforce requirements as well as the constraints on the workers listed earlier.
Discussion Questions:
1. What is the minimum-cost schedule for the bank?
2. What are the limitations of the model used to answer question 1?
3. Costs might be reduced by relaxing the constraint that no more than 40% of the day’s requirement be met by part-timers. Would changing the 40% to a higher value significantly reduce costs?
Source: Adapted from Shyam L. Moondra. “An L. P. Model for Work Force Scheduling for Banks,” Journal of Bank Research (Winter 1976): 299301.
Label your completed file CS1 – Your Team’s Name (Team A, B, or C) and upload it to Case Study 2 assignment. You do not need to write many words, but you do need to answer all the questions above. If you do not address those three questions in particular, points will be deducted. Question 1 has 50 points, Question 2 has 20 points and Question 3 has 30 points. Upload your file to this Case Study assignment.
Hint: For Question 3, please choose a hypothetical higher number, say 45% or 50%, to illustrate your analysis and conclusion. You also need to explain why. In some cases, you may use the “QM for Windows” software (rather than Excel QM) to obtain the LP diagram to support your finding. After solving your LP program, you may select “Windows” and the select “Graphs” to get to the graph output. You may then copy and paste any graph into your word document. However, this option may not work in all cases. Please discuss why.
Here is a link that discuss the approach to solution for Chase Manhattan Bank Case Study
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1. Regression is one of the concepts and tools in this course which is most commonly used in careers. Regression is often used with forecasting, which allows businesses to plan and prepare for expenses, hiring, etc. Read the following articles, then come back and share what was most surprising to you. Suggest one way you might use regression in your current job or in your chosen major.
http://blog.minitab.com/blog/meredith-griffith/regression-in-the-real-world
http://smallbusiness.chron.com/application-regression-analysis-business- 77200.html
http://woman.thenest.com/can-regression-analysis-manager-20897.html
http://www.dummies.com/how-to/content/how-businesses-use-reg
2. “Testing the Difference Between Two Means.” Retired workers and disabled workers both receive Social Security benefits. What information would we need to test the claim that the difference in monthly benefits between the two groups is greater than $30 at the 0.05 level of significance? Write out the hypotheses and explain the testing procedure.
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