Differential Equations Essay

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MBAA607- Dr. Leon Project 1: Chase Manhattan Bank The workload in many areas of bank operations has the characteristic of being unevenly distributed throughout the day. For example, at Chase Manhattan Bank in New York, the number of domestic money transfer requests received from customers, if plotted against the time of day, would appear according to the workload described in Figure 1 below. For efficient use of resources, the personnel available should therefore vary correspondingly. 25 20 15 Money Transf er Requests 10 5 0 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM 5:00 PM 6:00 PM Figure 1: A typical workload curve that describes the corresponding personnel requirements at different hours of the day. A variable capacity can be achieved effectively by employing part-time personnel in conjunction with full-time personnel. Because part-timers are not entitled to all the fringe benefits, they are often more economical than full-time employees. Other considerations such as consistency and quality control 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 will meet personnel requirements at any given time and also be economical. Some of the factors affecting personnel assignment for the Chase Manhattan Bank that you are modeling are as follows: 1. Corporate policy mandates that part-time personnel hours are limited to a maximum of 40% of the day’s total requirements. 2. Full-time employees start at 9:00 A.M. and work for 8 hours with one hour for lunch per day. Thus a full-timer’s productive time is 35 hours per week. They are not paid during their lunch break. 3. Part-timers work for at least 4 hours per day but no more than 6 hours and are not allowed a lunch break. A part-timer may start his/her shift anytime between 9:00

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