Review, analyze, and complete the Chase Manhattan Bank Case Study attached. You do not need to write many words, but you do need to answer all the three Discussion Questions:
1.What is the minimum-cost schedule for the bank?
2.What are the limitations of the model used to answer question 1?
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?
Hint: For Question 3, please choose a hypothetical higher number, say 45% or 50%, to illustrate your analysis and conclusion. You also need to explain why. In some cases, you may use the “QM for Windows” software (rather than Excel QM) to obtain the LP diagram to support your finding. After solving your LP program, you may click on “Windows” and the select “Graphs” to get to the graph output. You may then copy and paste any graph into your word document. However, this option may not work in all cases. Please discuss why.
IMPORTANT: Please copy and paste in or attach your Excel Worksheet, which is a must to receive credits for statistical analysis.