Bank Boston Has a Branch at Bryant College

question 103

Essay

Bank Boston has a branch at Bryant College.The branch is busiest at the beginning of the college year when freshmen and transfer students open accounts.This year, freshmen arrived at the office at a rate of 40 per day (8-hour day).On average, it takes the Bank Boston staff person about ten minutes to process each account application.The bank is considering having one or two tellers.Each teller is paid $12 per hour and the cost of waiting in line is assumed to be $8 per hour.
(a)What is the total daily waiting cost for the single teller model?
(b)What is the total daily waiting cost for the two-teller model?
(c)What is the total daily service cost for the single teller model?
(d)What is the total daily service cost for the two-teller model?
(e)Which model is preferred?

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Definitions:

Preoperational Intelligence

Piaget’s term for cognitive development between the ages of about 2 and 6; it includes language and imagination (which involve symbolic thought), but logical, operational thinking is not yet possible at this stage.

Symbols

Marks, signs, or objects that represent ideas, concepts, or other abstractions.

Logical Reasoning

The process of using a rational, systematic series of steps based on sound mathematical procedures and given statements to arrive at a conclusion.

Egocentrism

A developmental phase where an individual is unable to differentiate between their own perspective and that of others, commonly seen in early childhood.