Investire Bank is a Small Bank in Glen Valley Case Study - Management Assignment Help

Assignment Task:

Task:

Investire Bank
Investire Bank is a small bank in Glen Valley, New Land. The bank operates from 9:00 am to 4:00pm every day. To improve its efficiency, the bank is considering opening the bank on Saturdays from 9:00am to 12:00 noon. During the Saturday morning period, management believes that the inter-arrival time of customers will be between a half minute and two minutes according to the following probability distribution.
Inter-arrival time (minutes) Probability
0.5 0.65
1 0.15
1.5 0.15
2 0.05
The management is considering the staffing with the head teller, Jane and two associate tellers Lois and Diana. Jane is experienced and hence she can serve the customers faster than Lois and Diana. Jane’s service time ranges between half a minute to three and a half minutes given by the following probability distribution.
Jane’s service time Probability
0.5 0.05
1 0.10
1.5 0.20
2 0.30
2.5 0.20
3 0.10
3.5 0.05
It is estimated that either of the two associates to take anywhere between one to four and a half minutes to serve the customer, with the following probability distribution.
Lois and Diana’s service time Probability
1 0.05
1.5 0.15
2 0.20
2.5 0.30
3 0.10
3.5 0.10
4 0.05
4.5 0.05
The management would like to simulate the queue on Saturday mornings for the next 20 weeks to find out the relevant system parameters (queue time, system time, queue length and customers served). Also, the management would like to run the simulation at least 100 times to ensure that the results have less fluctuations.

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