Please model the following decision in a spreadsheet, optimize it using MS-Excel Solver, and then upload that spreadsheet by attaching it to this question. I will grade this question on the accuracy of your () spreadsheet model (decision variables, objective, and constraints), (i) Solver parameters, (i optimal solution. Partial credit is available. The personnel-planning problem of Lexington Bank. The main branch of Lexington Bank is open for retail business from 8:00 AM to 4:00 PM on weekdays. The staffing requires from 8 to 15 tellers on duty depending on the time of day, as indicated in the following table. Time Period Minimum No. of Tellers 8:00 AM - 10:00 AM 10:00 AM - 12:00 PM 12:00 PM - 2:00 PM 10 15 2:00 PM - 4:00 PM 12 Full-time tellers work 8 consecutive hours (from 8:00 AM to 4:00 PM) at $15 per hour. Part-time workers work 4 consecutive hours at $8 per hour starting at 8:00 AM, 10:00 AM, or 12:00 noon. Assume workers never take breaks. Union regulations require that all times at least 60% of the tellers be full time. As the bank operations manager, you have been asked to make a recommendation as to the number of full-time and part-time employees needed throughout the day to minimize the total daily cost. Create a spreadsheet that very clearly indicates what your decision variables are, what your objective function is, and what the constraints are. Then solve this spreadsheet using Excel Solver and upload the sprpadsheet showing the optimal solution (optimal staffing and minimum daily staffing cost). Please highlight your answers with yellow shaded cells (optimal values of decision variables, objective function value).
Please model the following decision in a spreadsheet, optimize it using MS-Excel Solver, and then upload that spreadsheet by attaching it to this question. I will grade this question on the accuracy of your () spreadsheet model (decision variables, objective, and constraints), (i) Solver parameters, (i optimal solution. Partial credit is available. The personnel-planning problem of Lexington Bank. The main branch of Lexington Bank is open for retail business from 8:00 AM to 4:00 PM on weekdays. The staffing requires from 8 to 15 tellers on duty depending on the time of day, as indicated in the following table. Time Period Minimum No. of Tellers 8:00 AM - 10:00 AM 10:00 AM - 12:00 PM 12:00 PM - 2:00 PM 10 15 2:00 PM - 4:00 PM 12 Full-time tellers work 8 consecutive hours (from 8:00 AM to 4:00 PM) at $15 per hour. Part-time workers work 4 consecutive hours at $8 per hour starting at 8:00 AM, 10:00 AM, or 12:00 noon. Assume workers never take breaks. Union regulations require that all times at least 60% of the tellers be full time. As the bank operations manager, you have been asked to make a recommendation as to the number of full-time and part-time employees needed throughout the day to minimize the total daily cost. Create a spreadsheet that very clearly indicates what your decision variables are, what your objective function is, and what the constraints are. Then solve this spreadsheet using Excel Solver and upload the sprpadsheet showing the optimal solution (optimal staffing and minimum daily staffing cost). Please highlight your answers with yellow shaded cells (optimal values of decision variables, objective function value).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Please model the following decision in a spreadsheet, optimize it using MS-Excel Solver, and then upload that spreadsheet by attaching it to this
question. I will grade this question on the accuracy of your () spreadsheet model (decision variables, objective, and constraints), (i) Solver
parameters, (i optimal solution. Partial credit is available.
The personnel-planning problem of Lexington Bank. The main branch of Lexington Bank is open for retail business from 8:00 AM to
4:00 PM on weekdays. The staffing requires from 8 to 15 tellers on duty depending on the time of day, as indicated in the following table.
Time Period
Minimum No. of Tellers
8:00 AM - 10:00 AM
10:00 AM - 12:00 PM
12:00 PM - 2:00 PM
10
15
2:00 PM - 4:00 PM
12
Full-time tellers work 8 consecutive hours (from 8:00 AM to 4:00 PM) at $15 per hour. Part-time workers work 4 consecutive hours at $8
per hour starting at 8:00 AM, 10:00 AM, or 12:00 noon. Assume workers never take breaks. Union regulations require that all times at
least 60% of the tellers be full time. As the bank operations manager, you have been asked to make a recommendation as to the number
of full-time and part-time employees needed throughout the day to minimize the total daily cost. Create a spreadsheet that very clearly
indicates what your decision variables are, what your objective function is, and what the constraints are. Then solve this spreadsheet
using Excel Solver and upload the sprpadsheet showing the optimal solution (optimal staffing and minimum daily staffing cost). Please
highlight your answers with yellow shaded cells (optimal values of decision variables, objective function value).
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