Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hong Kong Bank of Commerce and Industry is a busy bank that has requirements for between 10 and 18 tellers, depending on the time of

Hong Kong Bank of Commerce and Industry is a busy bank that has requirements for between 10 and 18 tellers, depending on the time of day. The lunch time, from noon to 2 p.m., is usually heaviest. The following table shows the workers needed at various hours that the bank is open.

Time Period No. of Tellers Required
9 a.m.--10 a.m. 10
10 a.m.--11a.m. 12
11 a.m.--Noon 14
Noon--1 p.m. 16
1 p.m.--2 p.m. 18
2 p.m.--3 p.m. 17
3 p.m.--4 p.m. 15
4 p.m.--5 p.m. 10

The bank now employs 12 full-time tellers, but many people are on its roster of available part-time employees. A part-time employee must put in exactly 4 hours per day but can start anytime between 9 a.m. and 1 p.m. Part-timers are fairly inexpensive labor pool, since no retirement or lunch benefits are provided for them. Full-timers, on the other hand, work from 9 a.m. to 5 p.m. but are allowed 1 hour for lunch. (Half of the full-timers eat at 11 a.m., the other half at noon.) Full-timers thus provide 35 hours per week of productive labor time.

By corporate policy, the bank limits part-time hours to a maximum of 50% of the day's total requirement. Part-timers earn $4 per hour (or $16 per day) on average, and full-timers earn $50 per day in salary and benefits, on average. The bank would like to set a schedule that would minimize the total personnel costs. It will release one or more of its full-time tellers if it is possible to do so. It is your job to help the bank determine the schedule.

Use excel and solver..show all formulas

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions

Question

=+1. Do you have insurance?

Answered: 1 week ago

Question

=+ 2. Do you have a license and do you have insurance?

Answered: 1 week ago