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Chase Manhattan Bank By South Group

Chase Manhattan Bank By South Group. Case : Chase has labor planning problems that address staffing needs over a specific time period. Goals: To minimize total daily personal cost within the corporate policies and constrains . Chase Manhattan Bank By South Group.

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Chase Manhattan Bank By South Group

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  1. Chase Manhattan BankBy South Group Case: Chase has labor planning problems that address staffing needs over a specific time period. Goals: To minimize total daily personal cost within the corporate policies and constrains

  2. Chase Manhattan BankBy South Group To solve the issues, we let: F0 = Number of full-time tellers who don’t work over time F1 = Number of full-time tellers who work 1 hr over time F2 = Number of full-time tellers who work 2 hr over time A = PT tellers who work 4 hrs from 9am to 1pm B = PT tellers who work 5 hrs from 9am to 2 pm C = PT tellers who work 6 hrs from 9am to 3 pm D = PT tellers who work 6 hrs from 9am to 4 pm

  3. Chase Manhattan BankBy South Group E = PT tellers who work 4 hrs from 10 am to 2 pm F = PT tellers who work 5 hrs from 10 am to 3 pm G = PT tellers who work 6 hrs from 10 am to 4 pm H = PT tellers who work 7 hrs from 10 am to 5 pm I = PT tellers who work 4 hrs from 11 am to 3 pm J = PT tellers who work 5 hrs from 11 am to 4 pm K = PT tellers who work 6 hrs from 11 am to 5 pm L = PT tellers who work 7 hrs from 11 am to 6 pm M = PT tellers who work 4 hrs from 12 pm to 4 pm

  4. Chase Manhattan BankBy South Group N = PT tellers who work 5 hrs from 12 pm to 5 pm O = PT tellers who work 6 hrs from 12 pm to 6 pm P = PT tellers who work 7 hrs from 12 pm to 7 pm Q = PT tellers who work 4 hrs from 1 pm to 5 pm R = PT tellers who work 5 hrs from 1 pm to 6 pm S = PT tellers who work 6 hrs from 1 pm to 7 pm T = PT tellers who work 4 hrs from 2 pm to 6 pm U = PT tellers who work 5 hrs from 2 pm to 7 pm V = PT tellers who work 4 hrs from 3 pm to 7 pm

  5. Chase Manhattan BankBy South Group Objective: Minimize= (10.11)(7)F0 +[(10.11)(7)+8.08]F1 +[(10.11)(7)+(8.08)(2)]F2 +[(7.82)(4)][A+E+I+M+Q+T+V] +[(7.82)(5)][B+E+J+N+R+U] +[(7.82)(6)][C+G+K+O+S] +[(7.82)(7)][D+H+L+P]

  6. Chase Manhattan BankBy South Group Subjects: 9-10am (F0+F1+F2)+A+B+C+D >=14 10-11am (F0+F1+F2)+A+B+C+D+E+F+G+H >=25 11-12pm 0.5(F0+F1+F2)+A+B+C+D+E+F+G+H+I+J+K+L >=26 12-1pm 0.5(F0+F1+F2)+A+B+C+D+E+F+G+H+I+J+K+L+M+O+N+P>=38 1-2pm (F0+F1+F2)+B+C+D+E+F+G+H+I+J+K+L+M+N+O+P+Q+R+S >=55

  7. Chase Manhattan BankBy South Group 2-3pm (F0+F1+F2)+C+D+F+G+H+I+J+K+L+M+N+O+P+Q+R+S+T+U >=60 3-4pm (F0+F1+F2)+D+G+H+J+K+L+M+N+O+P+Q+R+S+T+U+V >=51 4-5pm (F0+F1+F2)+H+K+L+M+N+O+P+Q+R+S+T+U+V >=29 5-6pm ( F1+F2)+L+O+P+S+T+U+V >=14 6-7pm ( F1+F2)+P+S+U+V >=9 4(A+E+I+M+Q+T+V)+5(B+F+J+N+R+U)+6(C+G+K+O+S)+7(D+H+L+P) <= 40%(321)

  8. Chase Manhattan BankBy South Group Start QM for Windows Select Module Menu Select Linear Programming Menu Select File Menu Select New Define Data set for Linear Program

  9. Chase Manhattan BankBy South Group Fill in data grid with problem data Solve the problem by clicking the solve button

  10. Chase Manhattan BankBy South Group The solution can be viewed in the data grid

  11. Chase Manhattan BankBy South Group Use Excel Solver to solve the question Step 1 Start Excel and create a new worksheet Step 2 Enter Headings, variables, and coefficients for the objective function Step 3 Enter cells where values of variables will be located, this is where solver will put the solution Step 4 Write formula to compute left side constraints

  12. Chase Manhattan BankBy South Group Step 5 Enter right side constraints The spread Sheet is now ready to run solver

  13. Chase Manhattan BankBy South Group Step 6 Click on Tools then Solver Step 7 Fill in Solver Parameters to match your Spread Sheet layout

  14. Chase Manhattan BankBy South Group Step 8 Set Solver Options as follows Step 9 Solve the problem and Keep solver Values

  15. Chase Manhattan BankBy South Group Step 10 Review answer

  16. Chase Manhattan BankBy South Group DISCUSSION QUESTION • What is the minimum-cost schedule for the bank? By utilizing QM for Windows and Excel Solver, we obtain the minimum-cost schedule for the bank is $3,026.65

  17. Chase Manhattan BankBy South Group DISCUSSION QUESTION 2. What are the limitations of the model used to answer question 1? The model used to solve the problem suffers from the limitation that there are several optimal outcomes and a different answer may be obtained depending on the sequence in which the constraints are answered.

  18. Chase Manhattan BankBy South Group DISCUSSION QUESTION 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? Yes, changing the 40% to a higher value would significantly reduce costs. We provide the sensitivity analysis as follows:

  19. Chase Manhattan BankBy South Group Changing to 60% Cost: $2,485.83 Changing to 80% Cost: $2,382.08 As the percentage increases, the cost decreases.

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