The flowchart for the loan application approval process at the Prime Community Bank is given

below. This process consists of several different activities, each performed by a different bank

Solbridge International School of Business, BBA Section $2,$ Spring $2024$

employee. Approved loan applications first arrive at 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.