Staffing strategy for the next three months

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Reference no: EM131764635

It is the beginning of June, and the production department at the Mann Company must plan its staffing strategy for the next three months (June, July, and August). Currently, the company employs 20 people, but it must implement a 5% cut (to 19 employees) at the beginning of September (three months from now). In any given month the firm may hire two employees, hire one employee, retain the same level as the month before, lay off one employee, or lay off two employees. Pro- duction quotas for the summer require the following minimum staffing levels: Month Minimum Staffing Level June 19 July 21 August 20 The cost to hire an employee is $5000, and the cost to lay off a worker is $8000. If more workers are employed than are indicated by the above staffing levels, each inac- tive worker costs the company $3000 in idle time. 1 Use a dynamic programming approach to determine an optimal staffing policy for the summer production at the Mann Company. Assume that the company has not yet made its decision for the number of employees to maintain during June. (Hint: It may help if you remember that there can only be 19 employees on-staff in September and work backwards from that point.

Reference no: EM131764635

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