Assignment Requirements
Case Study: Chase Manhattan Bank
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. Figure 8.2 shows a typical workload curve and corresponding personnel requirements at different hours of the day.
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 hours—not 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.
FIGURE 8.2
In addition, the following costs are pertinent:
The average cost per full-time personnel hour (fringe benefits included) is $10.11.
The average cost per overtime personnel hour for full-timers (straight rate excluding fringe benefits) is $8.08.
The average cost per part-time personnel hour is $7.82.
The personnel hours required, by hour of day, are given in Table 8.9.
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
What is the minimum-cost schedule for the bank?
What are the limitations of the model used to answer question 1?
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): 299-301.
TABLE 8.9 Workforce Requirements
TIME PERIOD
NUMBER OF PERSONNEL REQUIRED
9–10 a.m.
14
10–11
25
11–12
26
12–1 p.m.
38
1–2
55
2–3
60
3–4
51
4–5
29
5–6
14
6–7
(Render 339)
Render, Barry, Ralph Stair, Michael Hanna. Quantitative Analysis for Management, 11th Edition. Pearson Learning Solutions, 02/2011. VitalBook file.
The citation provided is a guideline. Please check each citation for accuracy before use.
Order Now
https://thecustomwritings.com/order/
YOU CAN ALSO PLACE OTHER SIMILAR ORDERS ON OUR WEBSITE AND GET AMAZING DISCOUNTS!!!
Our Service Charter
-
Excellent Quality / 100% Plagiarism-Free
We employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers. -
Free Revisions
We keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed. -
Confidentiality / 100% No Disclosure
We make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service. -
Money Back Guarantee
If the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit. -
24/7 Customer Support
We have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.