You are a business analyst working in the mortgage banking industry. Your manager asked you to analyze
staffing needs for the Foreclosure Department. The manager requested a detailed report because she is not
familiar with statistics and computations needed to make conclusions. Hence, your report must be written in a
descriptive manner that defines and explains key concepts, categories, and processes rather than just
presenting math calculation. You should explain each concept, discuss advantages and disadvantages, and
justify your recommendations. The expectation is that the report is an MS Word document that is 5 pages long.
The following is what the manager gave you:
At the beginning of this year, the portfolio included 100,000 loans in various stages of the foreclosure process.
In the last 4 months, there has been a significant increase in the portfolio, as presented in the following table:
Month January February March April
% increase 5% 10% 15% 20%
Total# of loans 105000 115500 132825 159390
The department currently employs 50 employees and has a huge backlog. The department quickly needs to
hire more people, but the management does not know how many. This report should help resolve this problem
Please include the following information in your report:
Compare and contrast various sampling approaches (e.g., large sample, small sample, convenience sample,
and so forth). Apprise each of them, and select the one that you intend to use. Justify your recommendation.
Explain how you are going to overcome challenges associated with sampling biases. In addition, what
assurances are taken to address ethics problems in the experimental design that may arise if you need to lay
off employees in your department to replace them with offshore, less expensive employees, assuming that you
do not want to see your friends losing their jobs?
Looking first at the elements of the process map, the red ovals in the process map represent the start and end of the process. The first red oval that is seen in the process map signals the start of the process, while the last red oval indicates the end of the process. The green rectangles on the other hand, represent operations or work activities. Consequently, there are about 12 green rectangles in the process map, which show vital activities or tasks. Meanwhile, the yellow diamonds signals a decision point, which involves inspection and counterchecking. In the process map for the restaurant, there are three diamonds, in which the waiter, the chef, and customers conduct inspection or counterchecking. Next, the purple triangles represent idle times or delay. In relation, there are five purple triangles, which signal idle times or waiting time throughout the process. Finally, the arrows represent movements or transportation. Moving to the process time, each step in the process consumes a considerable amount of time. For example, it takes about 10 minutes before the customers are taken to their seats. Upon entry, the customers are held temporarily to allow the receptionist to get their names, which takes about five minutes. Afterwards, the customers are again held temporarily while the table is being prepared, which takes again another five minutes. Looking at the other stages in the process map, chef’s cooking time and the customers’ eating time tends to be longest processes. It takes the chef about twenty minutes to cook and prepare the food. Similarly, it takes the customers about 20 minutes to consume the food. Value Stream Mapping A closer look at the process would reveal that certain activities and operations in the process map may be categorized as either value adding or non-value-adding. The value stream includes value-adding activities that help in the creation of the product or the delivery of the service (Jones 2002). Non-value adding activities in particular, refers to certain activities such as transferring materials between two non-adjacent workstations and waiting for service, which generally lengthen the processing time, increase the costs, and in most cases, increase customer frustration (Collier and Evans 2007). In the process map for the restaurant, stages in the process such as the customer waiting to be seated, to place the order, and to get the check are all non-value adding activities, which lengthens the process time and t>GET ANSWER