...evaluating work. They also typically include – job inputs, outputs, requirements and conditions. What are benchmarking jobs? What are they used for? (283) It is a job in the firm’s job evaluation system for which there is a good match in the labour market data. These jobs are picked because of the available data of the market comparator job. From these jobs and information, an organization can tell if they are lagging or leading when it comes to pay (for that particular job). Know the process in developing the pt method – know the steps 1. Identify Compensable Factors – (275) – see above 2. Scaling the factors (277) – the process of establishing degrees for each compensable factor – ex. Education – degree 1 is graduating high school, degree 6 is a doctorate degree 3. Weighting the Factors (279) – see below 4. Applying and testing the system (280) Know the pitfalls of the point method (289 and slide 15) There are several disadvantages of the point method. It is complex when developing. The most significant drawback is its subjectivity. It seems scientific but a lot of the time it is based on subjective judgment. There are also 4 main categories of problems: 1) inconsistent construct formation (289) – ambiguous factor definitions (can mean more then one thing), Inconsistent factor degree definitions (mean something...
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...INTRODUCTION: Service quality is an approach to manage business processes in order to ensure full satisfaction of the customers which will help to increase competitiveness and effectiveness of the industry. Quality in service is very important especially for the growth and development of service sector business enterprises (Powell, 1995). It works as an antecedent of customer satisfaction (Ruyter and Bloemer, 1995). With the increase of the importance of service sector in the economy of Bangladesh, the measurement of service quality became important. ISO standards are one of the measurement tools of service quality, where quality is defined as the totality of features and characteristics of a product, process or service (Islam & Ahmed, 2005). Private Banks dealing in retail banking Industry is consequently put into lot of pressures due towards increase in global competition. Different strategies are formulated to retain the customer and the key of it is to increase the service quality level. Typically, customers perceive very little difference in the banking products offered by private banks dealing in services as any new offering is quickly matched by competitors. Parasuraman et. al (1985) and Zeithaml et., al (1990) noted that the key strategy for the success and survival of any business institution is the deliverance of quality services to customers. The quality of services offered will determine customer satisfaction and attitudinal loyalty (Ravichandran et al. 2010)...
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...and without the right performance of individuals and operations, it cannot reach its goals. (TXTBK OPERATIONS MGT FOR COMPETITIVE EDGE). First will define PM, and explain the use of PM in comtemporary business companies later explains how to appropriately conucdt performance measurement as discussed by scholars. Then will talk bout HD Performance measurement can be defined as a prerequisite which helps in determining which aspects of an operation are good, bad or indifferent and to setting priorities, goals and timeframes for improvement activities’ (Terziovski 2002). Therefore it can be said that PM is a process which keeps various activities in control in order to enable it to reach its goals. To adequately measure a firm’s performance, two sets of measurements must be used: one from the financial point of view and the other from the operations point of view and (TXTBK OPERATIONS MGT FOR COMPETITIVE EDGE) this work will critically explain the operations point of view in the contemporary business. Contemporary business has a great significance towards performance measurements in order to meet their objective and remain stable with a competitive edge over its competitors. The use of different strategies greatly harnesses the smooth and successful functioning of any business which will be described at a later stage. Trends have been changing in the past and are expected to be continuously on the run and a manager needs to be aware of the situations when the company...
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...discussed in this essay. The most famous methodology used was the value added intellectual coefficient policy, where regression models were made to inspect the association between IC and the corporate financial performance indicator. The results were positive and suggested that IC, was positively connected with success of productions by VAIC methodology. To be precise, structural capital was found to be the main component of IC. INTRODUCTION It has been acknowledged by different scholars that universally the financial sector is converting into knowledge and fact based and the value of financial sector is acquired from intellectual capital than just from physical capital. Although the significance of intellectual capital is repeatedly expanding but companies are confronting measurement difficulties. The growing gap was noticed among market price and the book price of numerous organizations which attracted consideration towards examining the worth absent from records. Various definitions of IC are given by different economist, academics and practitioners. Still not even a single meaning of IC has been accepted. Petty and Guthrie (2000) explain IC as the profitable value of structural and human capital of firms. Lev (2001) stresses two facts where the first one is, ‘the strengthened competition’ and second ‘the beginning of information technologies’. Together they are the features of the hotel industry. Unlike the old economy in which real resources influence the hotel...
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...department and see it as a cost that adds no value. • HR department treated as an operational unit and is subject to questions about its contribution to organizational performance. • HR managers must “add value” show contribution and value of HR activities in the numbers and language of business, to decrease HR’s vulnerability to destructive proposals. “Make a difference” or be abolished! Slow Growth in HR Measurement • Some HR managers resist measuring their work because outcomes such as employee attitudes or managerial productivity are impossible to calibrate meaningfully. If you can’t measure, then you can’t manage or improve! • Measurement is fueled by: 1. Business improvement efforts 2. Positioning HR as a strategic partner 3. The need for objective indicators of success Sarbanes-Oxley – A Case for HR Measurement • US legislation that affects Canadian companies operating in the US • Provides another reason to measure HR performance. • Under the legislation, disclosure requirements include: requirements include: • Executive compensation • Pension plans • Whistleblower protection - These requirements bring about pressure for measuring HR Reasons for Measuring HRM Effectiveness 1. Labour costs are most often a firm’s largest controllable cost. 2. Managers recognize that employees make the difference between success and failure and therefore good performance...
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...Capital Measurement Methods Jolanta Jurczak* Introduction Evolution of economy has caused important changes in activity of companies on the global market. Nowadays we are observing a growth the importance of intellectual resources as an effective tool for increasing corporate competitiveness. This fact has caused the need to manage companies and to measure their performance in a new way. Measuring Intellectual Capital is essential and very important in order to compare different companies, to estimate their real value or even to control their improvement year by year. Also to improve the way in which companies manage its intellectual resources that generate value and give back some benefits in consequences maximizing advantages for the company. Authors like Kaplan and Norton (1996), Stewart (1997), and Kerssens (1999) use phrases like “If you can’t measure it, you can’t manage it” to justify the search for new Measurement Methods.1 But to measure Intellectual Capital is necessary to determine exactly what the Measurement Methods are, which are the best and which the company should choose to evaluate its assets in proper way. Properly using Intellectual Capital Measurement Methods can cause the creation of competitive advantage and in consequence create development of the whole company at the present day. The Concept and Classification of Intellectual Capital Intellectual Capital (IC) are an increasingly important part of running a successful business but defining it is...
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...Implementation Plan Appendix 2 – Reflective Statement Introduction Further to the proposed management development programme made to Whitstable Party Planning Company and the 30 minute taster training session that was arrange for line managers, this report will provide advice and research on methods of learning that can be implemented into Mr Handley’s business. Topics from the proposed management development programme included Leadership, Engagement, Annual turnover analysis, Change Management, Feedback, Equality and Diversity and Handling Difficult Conversations. Learning is critical to build business competence and gain competitive advantage in the market. The report will consider a number of current learning interventions, and why they may or may not be suitable for implementation at Whitstable Party Company. Alongside learning, evaluation; being able to measure return on investment, is key in ascertaining the effectiveness of learning methods in the business. Therefore, a number of evaluation models ad strategies will also be considered. Overall, this report seeks to provide balanced guidance on learning methods, and suggestions as to how their effectiveness can be measured at...
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...system as a means to measure the effectiveness of their human capital and business processes. There are many different types of performance management systems in use, and some are more effective at producing actionable results than others. Those systems that can utilize key business indicators together with a motivated, engaged workforce focused on constant improvement while working towards shared company goals tend to be the most useful and provide optimal results. In order to be most effective, employee performance management systems must produce measurable results that contribute to organizational success. Many companies utilize a Balance Scorecard approach to promote ongoing and continuous improvement and measure effectiveness of their teams and business processes. This paper will demonstrate that when properly implemented, the Balanced Scorecard is an effective employee performance management system that combines regular feedback with individual objectives aligned to corporate goals, and seeks the contribution of all stakeholders in the corporation in order to achieve organizational success. Effective Performance Management The term “performance management” can mean many different things to different organizations, and tends to vary widely depending upon the complexity or formality of the type of performance management system in use. Many companies rely on a combination of basic or traditional business indicators such as financial performance, sales goals, etc., and subjective...
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...given by all the researchers, they all bring about to the same meaning and understanding. Based on my understanding, measurement is the process of observing, recording and calculating the observations that are collected as part of a research effort which is usually represented by units. These units possess values and are often numerical. Importance Everyone uses measurement without even noticing it sometimes. In studying measurement theory, I realised that measurement involve in many of our daily activities without us even noticing it sometimes. Some examples include measuring our heights and weights, measuring the nearest and shortest distance to get to class, measuring the time taken to complete an assignment and many more. Therefore, it can be said that measurement theory is definitely important and useful for everyone. Understanding the importance of measurement theory is crucial to address issues in business, accounting, social and economics. Importance of measurement in Accounting Why is measurement theory important? Well, it is important for three simple reasons. It is important to make decisions, assess performance and positions and make comparisons. Let’s look at accounting perspective first. In accounting, almost everything is being measured which includes expenses, revenues, assets, liabilities and profits. Accountants use measurements to report information to internal and external users via financial statements. Financial accounting measurements are typically recorded...
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...the twentieth century, who back in the 1920s, reminded us that the Latin root for advertising is advertere. This roughly translates as ‘to turn towards'. L.E Boone and D. Kurtz, (1998) Advertising is a specific type of marketing that brings a product to the attention of consumers and may be delivered through a variety of media channels such as television, radio, print, billboards, personal contact and the internet. Advertising is a very effective method to convey the company's message to its target market. In olden days there was no such concept of advertising because people would only buy products. They were only concerned about the utility of the product. The scenario changed with the passage of time and the marketers started something different. They associated the products with emotions, life style, style etc. With the passage of time the market got bigger and it was difficult to have one product for all the market so the marketers divided the markets into different groups having different needs and wants. This method is known as segmentation. So the market segment I am going to discuss that's affected by advertising is the youth. 1.2 Impact on Youth J. M. McGinnis et al (2006); The term youth marketing used in the marketing and advertising industry to describe activities to communicate with young people, typically in the...
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...ASSIGNMENT BRIEF Course Title | Business Administration Level 3 Programme | Learner Name | | Unit: | Unit 16: Human Resource Management in Business | Learner Number | | Assessor | Cedainne Hart | Learner Signature | | Learning Outcomes | 1 Know the factors that are involved in human resource planning in organisations2 Know how organisations motivate employees3 Understand how to gain committed employee cooperation4 Understand the importance of managing employee performance at work. | Issued | | Date | | Submission Date | | Received By | | Review Period | | | | | Progress of the student | | | Date / Signature | | UNIT DESCRIPTION Human resource management is a dynamic activity in any organisation as it takes place against a changing economic, technical, legal and social background. It is important for learners to appreciate that effective human resource management means getting the best out of the people who work for an organisation in order to ensure the organisation fulfils its purposes, whether it is a football club winning the premiership, or a hospital increasing the success rates for medical operations. Many organisations say that their employees are their most valuable resource because of their skills, knowledge and attitudes. As labour is both an expensive and valuable resource, it is important to ensure it is planned and that the best value is obtained from employees contributions. Human resource managers have to plan...
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...Individual Assignment HRMT 317 Introduction Costs are linked with all types of organizations- business, nonbusiness, manufacturing, retail and service. Cost behavior, Cost accounting & allocation, and Budget- these are the three key requirements to run any business nowadays. Measuring cost behavior (cost measurement) is associated with understanding and calculating how activities of an organization affect different levels of cost. On the other hand, cost accounting is a kind of accounting method that targets to capture an organization’s costs of production by evaluating the input costs of each step of production as well as fixed costs. Then, cost allocation is the allocating of a common cost to several cost substances. Additionally, budget is an estimate of earnings and expenses for a set period of time. These are commonly used terms in financial accounting information as well as in any business. My company is called The EBag Co. Ltd, which is in business for more than 5 years in the production sector of the market. This profitable business is earning its profits by manufacturing affordable bags for consumers of all ages. My company will use these three requirements of this assignment to make business more profitable in coming days. I will use the five methods (will talk about only 3) of measuring cost function for my company to identify which costs will change and which will remain the same with changes in sales volume. Then, I will use cost allocation...
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...why most people before purchasing a vehicle use a strategy before purchasing. Not everyone’s search strategies are the same, not everyone is looking for the exact type of vehicle. Some automobile companies sent out surveys to some of their customers for a 3 month span to see how satisfied they were with the new vehicles and what the new vehicle may not have had that the consumer would have liked. When the surveys were returned they categorized the responses to see where improvements could be made to accommodate more people. The next peer-reviewed article pertained to how well auto incentives increase business. This article was in reference to finding out if car incentives and manufacturer rebates increased sales of vehicles. It started with one manufacture using incentives, which quickly spread too many others, including domestic and foreign companies. The increase in business was much more than the companies had expected. Previously dealerships were only offering rebates to the manufacturers not necessarily the consumers. In knowing about how sales increased during baby boomer years, to the age of people purchasing the vehicles can...
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...TOOLS AND METHODS FOR MEASURING PUBLIC AWARENESS Project: South-East European Digital Television Acronym: SEE Digi.TV Version A-1.0; Date: 04.04.2012 Tools and methods for measuring public awareness / A-1.0 Page: 1/47 DOCUMENT HISTORY Version A-1.0 Status Approved Date 04.04.2012 Author IVSZ, SINTESIO Comments Approved version Approved by Project manager CONTENT 1 Introduction ......................................................................................................................... 3 2 Planning a survey................................................................................................................ 5 2.1 Defining research problem ........................................................................................... 5 2.2 Designing the survey.................................................................................................... 6 2.3 Qualitative versus Quantitative method ........................................................................ 7 2.4 Measurement methods ................................................................................................ 9 2.5 Reliability and validity ................................................................................................. 11 2.6 Sampling .................................................................................................................... 12 2.6.1 ...
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...research ESS has made a survey created to measure attitudes cross-nationally in Europe, using probability sampling. Measuring an attitude across countries is a tough job, but to successfully apply the methods of probability sampling too, seems close to impossible. This essay will look at the sample-problems that this survey faces, and how a non-probability sample can be successfully integrated. Before starting to analyse the survey, I would like to briefly explain what a sample is, and the main differences between the two sampling techniques. First of all the objective of most surveys or research projects is to obtain information about the parameters of a population. To do this a sample is collected representing a subgroup of the population selected for participation in the project. The sample characteristics are used to “make inferences about the population parameters”. (Malhotra, 2010: 370) Meaning that you by selecting a small representation of the population can tell something about the whole population. Non-probability sampling can be defined briefly as “Sampling techniques that do not use chance selection procedures, but rather rely on personal judgement of the researcher” (Malhotra and Birks, 2000, 358) An example of this would be a person who choices people on the street to take part in a survey by using his personal judgement. There are different types of non-probability sampling, the most common are: Convenience -, quota -, snowball - and judgmental - sampling...
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