(Solved)Arlington Bank of Commerce and Industry is a busy bank that
Arlington Bank of Commerce and Industry is a busy bank that has requirements for between 10 and 18 tellers depending on the time of day. Lunchtime, from noon to 2 P.M., is usually heaviest. The table below indicates the workers needed at various hours that the bank is open. Time Period Number of Tellers Required 10 12 14 16 Time Period 9 am 10 am 10 am 11 am 11 am Noon Noon – 1 pm 1 pm – 2 pm 2 pm 3 pm 3 pm -4 pm 4 Number of Tellers Required 18 17 15 10 5 pm 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 a fairly inexpensive labor pool because no retirement or lunch benefits are provided them. Full-timers, on the other hand, work from 9 A.M. to 5 P.M. but are allowed 1 hour for lunch. (Half the full-timers eat at 11 A.M., the other half at noon.) Fulltimers 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 $6 per hour (or $24 per day) on average, whereas full-timers earn $75 per day in salary and benefits on average The bank would like to set a schedule that would minimize its total manpower costs. It will release 1 or more of its full-time tellers if it is profitable to do so a) Formulate this problem as an LP model. b) Solve the problem by Excel. What is the best schedule? What is the total cost for the best schedule?
Answer to Arlington Bank of Commerce and Industry is a busy bank that. . .