PharmaPlus operates a chain of 30 pharmacies. The pharmacies are staffed by licensed pharmacists and pharmacy technicians. The company currently employs 85 full-time equivalent pharmacists (combination of full time and part time) and 17 full-time equivalent technicians. Each spring management reviews current staffing levels and makes hiring plans for the year. A recent forecast of the prescription load for the next year shows that at least 253 full-time equivalent employees (pharmacists and technicians) will be required to staff the pharmacies. The personnel department expects 10 pharmacists and 30 technicians to leave over the next year. To accommodate the expected attrition and prepare for future growth, management stated that at least 15 new pharmacists must be hired. In addition, PharmaPlus's new service quality guidelines specify no more than two technicians per licensed pharmacist. The average salary for licensed pharmacists is $52 per hour and the average salary for technicians is $13 per hour. (a) Determine a minimum-cost staffing plan for PharmaPlus. (Let P be the number of full-time equivalent pharmacists. Let 7 be the number of full-time equivalent technicians.) Min s.t. Employees (pharmacists and technicians) required Service quality guideline 000 Pharmacists employed P, T20 How many pharmacists and technicians are needed? What is the Optimal Objective Value? $ at (P, 7) = (b) Given current staffing levels and expected attrition, how many new hires (if any) must be made to reach the level recommended in part (a)? Additional Pharmacists to hire Additional Technicians to hire What will be the impact on the payroll? The payroll cost using the current levels of 85 pharmacists and 175 technicians is $ per hour. The payroll cost using the optimal solution in part (a) is $ per hour. Thus, the payroll cost will go -Select---by $
PharmaPlus operates a chain of 30 pharmacies. The pharmacies are staffed by licensed pharmacists and pharmacy technicians. The company currently employs 85 full-time equivalent pharmacists (combination of full time and part time) and 17 full-time equivalent technicians. Each spring management reviews current staffing levels and makes hiring plans for the year. A recent forecast of the prescription load for the next year shows that at least 253 full-time equivalent employees (pharmacists and technicians) will be required to staff the pharmacies. The personnel department expects 10 pharmacists and 30 technicians to leave over the next year. To accommodate the expected attrition and prepare for future growth, management stated that at least 15 new pharmacists must be hired. In addition, PharmaPlus's new service quality guidelines specify no more than two technicians per licensed pharmacist. The average salary for licensed pharmacists is $52 per hour and the average salary for technicians is $13 per hour. (a) Determine a minimum-cost staffing plan for PharmaPlus. (Let P be the number of full-time equivalent pharmacists. Let 7 be the number of full-time equivalent technicians.) Min s.t. Employees (pharmacists and technicians) required Service quality guideline 000 Pharmacists employed P, T20 How many pharmacists and technicians are needed? What is the Optimal Objective Value? $ at (P, 7) = (b) Given current staffing levels and expected attrition, how many new hires (if any) must be made to reach the level recommended in part (a)? Additional Pharmacists to hire Additional Technicians to hire What will be the impact on the payroll? The payroll cost using the current levels of 85 pharmacists and 175 technicians is $ per hour. The payroll cost using the optimal solution in part (a) is $ per hour. Thus, the payroll cost will go -Select---by $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:PharmaPlus operates a chain of 30 pharmacies. The pharmacies are staffed by licensed pharmacists and pharmacy technicians. The company currently employs 85 full-time equivalent pharmacists (combination of full time and part time) and 175
full-time equivalent technicians. Each spring management reviews current staffing levels and makes hiring plans for the year. A recent forecast of the prescription load for the next year shows that at least 253 full-time equivalent employees
(pharmacists and technicians) will be required to staff the pharmacies. The personnel department expects 10 pharmacists and 30 technicians to leave over the next year. To accommodate the expected attrition and prepare for future growth,
management stated that at least 15 new pharmacists must be hired. In addition, PharmaPlus's new service quality guidelines specify no more than two technicians per licensed pharmacist. The average salary for licensed pharmacists is $52 per
hour and the average salary for technicians is $13 per hour.
(a) Determine a minimum-cost staffing plan for PharmaPlus. (Let P be the number of full-time equivalent pharmacists. Let T be the number of full-time equivalent technicians.)
Min
s.t.
Employees (pharmacists and technicians) required
Service quality guideline
Pharmacists employed
11
P, T≥ 0
How many pharmacists and technicians are needed? What is the Optimal Objective Value?
at (P, T) =
(b) Given current staffing levels and expected attrition, how many new hires (if any) must be made to reach the level recommended in part (a)?
Additional Pharmacists to hire
Additional Technicians to hire
What will be the impact on the payroll?
The payroll cost using the current levels of 85 pharmacists and 175 technicians is $
per hour. The payroll cost using the optimal solution in part (a) is $
per hour. Thus, the payroll cost will go |---Select--- by $
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