Bottle neck problem $1$

Managers at the First Community Bank are attempting to shorten the time it takes customers with approved loan applications to get their paperwork processed. The flowchart for this process, consisting of several different activities, each performed by a different bank employee, is shown in Figure $1.$ Approved loan applications first arrive at activity or

step $1,$ where they are checked for completeness and put in order.

At step $2,$ the loans are categorized into different classes according to the loan amount and whether they are being requested for personal or commercial reasons.

While credit checking commences at step $3,$ loan application data are entered in parallel into the information system for record$-$keeping purposes at step $4.$

Finally, all paperwork for setting up the new loan is finished at step $5.$ The time taken in minutes is given in parentheses.

Which single step is the bottleneck?

The management is also interested in knowing the maximum number of approved loans this system can process in a $5-$hour work day.