Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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A bank receives loan applications from 6 customers a day. The bank has promised customers that applications will be processed in the order they are received. The table below shows the applications in the order they were received, the processing time for each loan application, and the due date that customers need to hear about their application status:
| Customer | Processing time (days) | Due date (days) |
| A | 9 | 13 |
| B | 11 | 18 |
| C | 8 | 11 |
| D | 7 | 13 |
| E | 10 | 22 |
| F | 12 | 28 |
a. Determine the average processing time for applications, the average days tardy for each customer's application, and the average number of applications being processed if the bank processes the applications in the order they were received. (Round your answers to 2 decimal places.)
| Average flow time | days | |
| Average tardiness | days | |
| Average number of jobs | applications |
b. The bank decides to improve their application processing performance by giving priority to the loans that take a shorter time to be processed (SPT). If they do this, determine the average processing time, average tardiness, and the average number of applications processed. (Round your answers to 2 decimal places.)
| Average flow time | days | |
| Average tardiness | days | |
| Average number of jobs | applications |
c. Now assume the bank gives priority to the applications who have the earliest due dates (EDD). Determine the average processing time, average tardiness, and average number of applications in this scenario. (Round your answers to 2 decimal places.)
| Average flow time | days | |
| Average tardiness | days | |
| Average number of jobs | applications |
d. Now assume the bank accounces that it will take into account both the processing time and the due dates in order to determine the order of the applications to be processed (CR). Calculate the average processing time, average tardiness, and average number of applications. (Round your answers to 2 decimal places.)
| Average flow time | days | |
| Average tardiness | days | |
| Average number of jobs | applications |
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