A Grocery Store Is Trying to Determine How Many Checkouts

question 143

Essay

A grocery store is trying to determine how many checkouts per hour its cashiers should perform. The checkout consists of three components; checking, bagging, and payment. A cashier was rated as 80%, 120%, and 95% on the three different components respectively. If a stopwatch timed her as averaging 20 seconds for each component and the store wants a 10% allowance calculate the total standard time.

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Definitions:

U.S. Government Securities

Financial instruments issued by the United States Department of the Treasury to finance government spending and obligations, considered low-risk investments.

Excess Reserves

The capital reserves held by a bank or financial institution in excess of what is required by regulators, central bank, or other financial authority.

Actual Reserves

The total reserves held by a bank, consisting of both required reserves and any excess reserves not needed to meet central bank requirements.

Discount Rate

The Discount Rate is the interest rate set by central banks at which financial institutions can borrow reserves, influencing monetary policy and the money supply.