Reference no: EM13761694
A loan processor at a bank has been timed performing four work elements, with theresults shown in the following table. The allowances for tasks such as this are personal, 7%; fatigue, 10%; anddelay, 3%.
4 tasks
Performance rating
Task 1=110%, Task 2=95%, Task 3=90%, Task 4=85%
Average time
Task 1=0.46, Task 2=0.68, Task 3=0.54, Task 4=1.7
Normal time
Task 1=0.506, Task 2=0.646, Task 3=0.486, Task 4=1.445
Standard time =3.8537
a. The firm is trying to determine standard production per day for an incentive program. Suppose that the incentive program will pay $5 per unit produced above standard rates. If the loan officer processes 130loans in an 8 hour shift, how much would she receive under the incentive plan?
b. How many observations are needed for a 95% confidence level within 5% accuracy?
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Determine standard production per day for incentive program
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