This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx Chase Manhattan Case StudyBright Botchway Miraya Flores andWaverly MassenburgAmerican Public University BUSN 603 Quantitative AnalysisDr Chander SekarSeptember 20 2020 This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx Minimum Cost ScheduleThe total minimum personnel cost is 3 568 14 The objective function is to minimize total daily personnel cost This can be defined as Full time employees 10 11 8 80 88 FOvertime 8 08 Part time employees 7 82 4 31 28 PMinimize cost 80 88 F 88 96 F1 97 04 F2 31 28 P1 P2 P3 P4 P5 P6 P7 The decision variables for this problem are broken down into employee work time categories below are the following variables were considered 1 The total number of Full time employees is equal to F The full time personnel work from 9 am to 5pm If they work between 5 pm to 7 pm it will be counted as over time 2 The part time and over time employees are shown below to meet the required workforce in different specified hours Part time cannot start after 3 pm because they have to work for at least 4 hours and the last shift is at 7 pm 3 The part time employee who leave work their work day at the end of hour Everyone leaves at 7 pm A Full time F employeesFFull time employeesF1Full time employees working overtime from 5 6 pmF2Full time employees working overtime from 6 7 pmB Part time P employees who begin their work day at the hourP1Part time employees starting at 9 amP2Part time employees starting at 10 amP3Part time employees starting at 11 amP4Part time employees starting at 12 pmP5Part time employees starting at 1 pmP6Part time employees starting at 2 pmP7Part time employees starting at 3 pm This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx C Part time Q employees who end their work day at the hourQ4Part time employees ending at 1 pmQ5Part time employees ending at 2 pmQ6Part time employees ending at 3 pmQ7Part time employees ending at 4 pmQ8Part time employees ending at 5 pmQ9Part time employees ending at 6 pmLimitations of the Model UsedThe limitations of the model used is that full time employees are only allowed to have 35 hours of work and is not allowed to have more than 5 hours of overtime per week And part time employees are limited to a maximum of 40 of the total daily required hours This model is not allowing different loading for different days in a week and also doesn t provide flexible timing toemployees to work on a unique schedule Constraints Constraints 1 10 are the workforce requirements 50 of the full time employees go to lunch between 11 am and noon and the remaining 50 go between noon and 1 pm Part time employees start to leave work deducted Full time employees working overtime after 5 pm added Constraint 11 to meet the 40 condition of total number of personnel 40 of 321 128 4Constraint 12 are number of overtime hoursConstraints 13 21 are based on conditions for part time employees Part time employees must work at least 4 hours so those who leave at 1 pm cannot start at 9 am Number of those who leave at 1 pm has to be smaller than the number of employees who start at 9 am Constraint 22 is for employees leaving at the same time 7 pm Table This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx ConstraintsTime PeriodEquationsNumberofPersonnel19 10 amF P1 14210 11F P1 P2 25311 12 0 5F P1 P2 26412 1 pm 0 5F P1 P2 P3 P4 3851 2 F P1 P2 P3 P4 P5 Q4 5562 3F P1 P2 P3 P4 P5 P6 Q4 Q5 6073 4F P1 P2 P3 P4 P5 P6 P7 Q4 Q5 Q6 5184 5F P1 P2 P3 P4 P5 P6 P7 Q4 Q5 Q6 Q7 2995 6 F P1 P2 P3 P4 P5 P6 P7 Q4 Q5 Q6 Q7 Q8 14106 7F P1 P2 P3 P4 P5 P6 P7 Q4 Q5 Q6 Q7 Q8 Q9 91140 4P1 5P2 6P3 7P4 8P5 9P6 10P7 Q4 2Q5 3Q6 4Q7 5Q8 6Q9 40 32112OTF1 F2 F13 1 pm 9 am Q4 P1142 pm 10 amQ5 P1 P2 153 pm 11 amQ6 P1 P2 P3 164 pm 12 pmQ7 P1 P2 P3 P4175 pm 1 pmQ8 P1 P2 P3 P4 P5186 pm 2 pmQ9 P1 P2 P3 P4 P5 P619Q4 Q5 Q6 Q7 P120Q4 Q5 Q6 Q7 Q8 P1 P221Q4 Q5 Q6 Q7 Q8 Q9 P1 P2 P322All end at 7 P1 P2 P3 P4 P5 P6 P7 Q4 Q5 Q6 Q7 This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx pm Q8 Q9Increasing the relaxing ConstraintsWhen considering the constraints at 40 of the total daily required hours the minimum cost schedule per day is 3 568 14 If that constraint were to be increased to 50 the total cost dropped to 2 323 2 The bank would save 1 244 94 costs This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx Please note you need to attach the Excel spreadsheet to support the results Limitations This study source was downloaded by 100000812012210 from CourseHero com on 11 19 2022 13 06 27 GMT 06 00 https www coursehero com file 114425600 Chase Manhattan Case Studydocx Powered by TCPDF www tcpdf org The same staffing would be used every day In reality one would expect different patterns to present themselves on different days For example Fridays are usually much busier than other days In addition the person hours required for each hour of the day are assumed to be deterministic In a real situation wide fluctuations will be experience in a stochastic manner Do you agree Please make sure your turnitin report score is less than 25