Free Essay

Payment Evaluations

In:

Submitted By onyi1028
Words 2461
Pages 10
.
The inadequate amount of payment evaluations in the country in addition to corporate organisation has effected a state of affairs where there have been tenacious expressions of dissatisfaction amid employees

By implication, this means that factors which govern motivation, job satisfaction, workers productivity and attitude to work differ from one society to another. However, the entire issue of the implication of adequate motivation on workers productivity is embedded in the various theories of motivation. People are motivated by various factors at different times, according to Wilkinson et al, the first factor is the combination of the individual perceptions of the expectations other people have of them, and their own expectations of themselves. This happens because people come into work situations with various expectations. When they arrive at the work place, they meet other people who also have expectations of them; positive individual and group expectations serve as positive motivational factors for the worker. This is why a balance must be struck as much as possible between organizational objectives and individual aspirations. The essence of this is to ensure a situation where the individual is motivated while the organization is achieving established objectives.
The second factor deals with the issue of self-images and concepts as well as life experiences and personality. These factors have to be positively motivated in the worker to yield proactive behaviour. This can be achieved through a carefully planned reward system, which is a type of reinforcement directed at modifying people behaviour. Those who occupy management positions in organisations encourage behaviour basically through the means of positive reinforcement. Positive reinforcement boosts favourable consequences that go a long way to encourage the repetition of particular behaviour.
In a study conducted at Emery Air Freight in USA by Davia it was discovered that in spite of proper training for workers and a good level of co-operation among them, productivity was still about 45% instead of the anticipated 90%. In a bid to improve performance, management decided to apply a program of positive reinforcement, which entailed training supervisors to give performance feedback to worker on a daily basis as well as recognition and other rewards.
As a result of the application of the positive reinforcement program, performance improved from 45% to 95%. This happened because the regular feedback and recognition gave the workers the psychological feeling that strongly and positively influenced their work. People work together in large organisations like bank, factory where they are expected to follow orders, which they may not approve of. In addition, they may have to obey instruction from supervisors they had no hand in selecting. This is the type of situation where the worker might have no opportunity for self-expression. The basic question that now arises, relates to how to create a situation in which workers can satisfy their individual needs while working towards organisational goals. How can workers in service organisation in particular Asea Brown Boveri who feel that their salaries are low when compared with their contemporaries in the private sector be motivated?
The adoption of the presidential system of Government in Nigeria seems to have complicated and compounded the human problems of the common people as well as staff of private, corporate organisation. Motivation can be a choice. When employees and the leadership understand that motivation is a self-fulfilling prophecy they can begin to make new choices. This will also help at how the motivational plan ties together with other critical elements such as overall employee development (task, skills and teaming) as well as reward programs. The management of people at work is a very important aspect of attaining the set organisational objective, with a peculiar reference to ABB in Nigeria this research project will explain the meaning and underlying concept of motivation, Identify main types of needs and expectations of staff at work, explain possible reactions to frustration at work. Outline different approaches to work motivation, explain the nature of different theories of motivation, Examine main theories of motivation and evaluate their relevance to particular organisational work situations; Appreciate the complex nature of work motivation.
1.2 Statement of Problem
Nigeria is reputed to be the sixth largest producer of oil in the world. Recent exploratory works have indicated that the country has an even larger reserve of natural gas than petroleum. The country therefore has the potential of becoming a leading industrialized (if the potential are properly harnessed) nation in the world in the not-too-distant future due to this natural endowment.
The current state of affairs in the nation in general as relating to the workforce motivation makes it necessary to temper this optimism with caution. “The workers are on strike again. ”Over what?“ They are asking for another pay rise after the one granted just few months ago.” What more do they want? These statements and comments and many similar ones are reported frequently in the dailies and are commented upon by watchers of development in various industry and service organisation. The questions are often asked as to what workers in general and particular want from their employers. Can there be an end to the clamour for increases in wages? Why do workers work and what induces them to give of their best? These questions are not peculiar to the civil servants or services organisation in Nigeria alone. Recently, the Federal Government announced an upward review of the minimum wages in the civil service. Almost, immediately after the announcement, there was a nation-wide agitation by workers in the states and local government bureaucracies to benefit from the largesse. It would appear as if money, and more money, is what workers ever ask for, but the fact is that money is a motivator in this part of the world. Money only plays the role of common denominator of all things. There is a general notion that if only management can identify other things that can motivate the workforce apart from money, perhaps there will be a dramatic reduction in the demand by workers for pay rises. Less time will be spent on the annual ritual of management/workers union negotiation meetings.
The aim of this research therefore is to find out from empirical studies whether workers, given the right incentives other than money can put in their best to contribute to the productivity and growth of the organisations to achieve the following objectives, amongst others: Reduce labour turnover, Increase workers productivity, Redesign and put in place appropriate labour laws and policies, eliminate or reduce industrial unrest, Improve management and staff relations, Create a productivity culture in the organisation.
It therefore follows that the efficiency and productivity of any organisation will have a multiplier effect on the economy in general. To achieve the desired efficiency and productivity levels, business establishments rely on a highly motivated workforce that shares the vision and aspirations of the establishment.
What then can company operating in this organisation do to elicit the right work attitudes and drive from their employees towards achieving continuous productivity and growth?
Moreover the intention of the researcher is to elicit responses from ABB staff on their views about the implication of various motivational factors in the organisation, especially how it affect their productivity.
Answers to the following research question were sought so as to provide solutions to the problems of the study.
1. Is there any relationship between motivational factors and higher productivity for experienced staff of ABB?
2. Is there any relationship between motivational factors and workers productivity for experienced staff in each organisation of ABB?
3. Is there any relationship between motivational factors and attitude to work of less experienced staff in ABB?
4. Is there any relationship between motivational factors and approach to work of less experienced staff in each of the three ABB organisation?
5. Is there any relationship between motivational factors and approach to work of old members of staff in the entire ABB organisation?
6. Is there any relationship between motivational factors and attitude to work of young members of staff in all the ABB Organisation?

1.3 Purpose of Study
The research will attempt to proffer answers to the question agitating the minds of management of the organisation, as to what to do to adequately motivate her workers to contribute their quota to their company’s productivity and growth. The research also will look at motivation from the perspective of the workforce. While seeking to refute or validate the various models and theories of motivation by finding out from the “horse mouth” what really motivates the workers in the organisation of today and the causes of poor performance and productivity.

The purpose of this study include finding our whether there is any relationship adequate motivational factors and productivity to work among management, senior staff, junior staff and contract staff respectively of the organisation under study. Secondly, it is hoped that this study will help to identify how the staff of the organisation rate the various motivational factors and it implication. Finally, it is expected that the findings of this study will serve as a basis for fore staring improved working relationship between management of the organisation and her staff.
1.4 Assumptions
The assumptions of the study are that the staffs of Asea Brown Boveri Limited in Nigeria are not well adequately motivated in terms of financial remuneration and provision of enable working environments. Secondly, poor motivation could leads to frustration, which could manifest itself in various ways amongst staff. Example could be low productivity and nonchalant attitudes towards work.
1.5 Hypotheses
I believe that work can be meaningful and satisfying to a given job incumbent only when it elicits and stimulates his inner motivation. These views raise some research questions, which form the basis of the hypotheses for this study. To put this in proper perspective, the following hypotheses were formulated for testing.
1.5.1 There is no significant relationship between motivational factors and work productivity for experienced staff of ABB.
1.5.2 That pay packet is a necessity but not a sufficient condition for worker satisfaction in the organisation.
1.5.3 That the organisation will perform better when the satisfaction the workers derives from doing their work outweighs the discomfort and sacrifices that are involved.
1.5.4 Monetary incentives and rewards exert a stronger influence on workers than any form of motivational incentive.
1.5.5 Productivity and motivation as observed in workers operate in direct proportion.
These propositions, which I believe supplement or explain the major hypotheses of this study, are examined in the study. The study hopes to show the effect of the above stated variables on the confidence of the staff of ABB in Nigeria.
In so doing, this study takes a close look at the organization and its performance in terms of the stated objectives. In particular, the study examines the effects of motivational factors other than money in the effective functioning of the organisation and offers suggestions for improvement.
1.6 Significant of Study
The findings from this study will help to highlight those areas where there are problems among staff and thus will be of great benefit to the chief executive official of the organisation and the policy makers. The results of this study would hopefully be significant in the sense that it would enable both the Management and the labour union to better understand how the various motivational factors could be harnessed to inspire staff to increase and sustain productivity.
The findings from this study would help to further highlight the likely problems of frustrations and how motivation can be used to either reduce or eliminate these problems amongst staff of the organisation.
The results from this study will help to highlight the concept of group dynamics and staff behaviour to work. Through such understanding, the administrative scope of the chief executives official could be broadened and this would put him in a better position to review and over-haul their orientation to administration in terms of better motivating staff and thus producing better results by fully utilizing the human resources potentials available.
Furthermore this study will be of immense benefit to policy makers in the human resources functions of the organisations. Also labour union officials and representative at the negotiation meeting will find it useful when putting together their “ basket of needs” and it will assist management in these other areas:
1.6.1 Designing and putting in place together welfare incentives for the workforce
1.6.2 Enables the organization identifies various types of needs and expectation of people at work.
1.6.3 Outline different approach to work motivation.
1.6.4 Explain the meaning and underlying concert of motivation.
1.6.5 Useful for government officials and establishments responsible for reviewing and updating policies and legislation or worker motivation.
In the advent of government or corporate organisation deciding to organize seminars and workshops for chief executive of business organisation in future, it is hoped that they would be equipped in terms of peculiarities to which participants should be addressed.

1.7 Limitation of Study
This research will focus exclusively on the three ABB organisations in Nigeria namely:
1. Asea Brown Boveri (ABB) Limited.
2. Asea Brown Boveri (ABB) Electrical System Limited.
3. Asea Brown Boveri (ABB) Powerlines Limited.
The workforce to be covered within the context of the survey will include contract, permanent (these include senior and junior) and management staff. The research also will establish whether the career background of an employee determines his or her level and opportunities for career advancement and hence how much a part of the organisation he feels he is, respondents will be categorised according to their professions.
Therefore one possible area of constraint in carrying out this research will probably be the difficulty of circulating the research instrument in the selected branches of thecompanies due to high level of security surrounding the work area and offices.
Finally the general apathy amongst Nigeria culture towards research work may also hinder accessibility to prospective respondents who are to provide needed data.
1.8 Delimitation of Study
The relationship between the organization and its members is governed by what motivates them to work and the fulfilments they derive from it. The manager needs to understand how to elicit the cooperation of staff and direct their performance to achieving the goals and objectives of the organization.
However, this study is delimited to the three-selected ABB group of company, in Nigeria namely ABB Nig Ltd, ABB Powerlines Ltd and ABB Electrical System. The work force to be covered within the context of the project will include contract, permanent and management staff.
This study is further delimited in terms of the organizational sub-sets of familiarity, concern and driving force as well as approach to work.

Similar Documents

Premium Essay

Human Resource Management

...1. Yes, in my opinion the company should set up a formal salary structure based on a complete job evaluation. There is a need for this because of the high staff turnover, the inconsistent pay rates compared to the market, because of the different pay rates for male and female workers, and also because there is no mechanism of communication to address employees’ problems regarding wages and salary. They need this formal salary structure because there is no employee involvement in setting up salary structure, and there is no job evaluation committee. Also, this structure is necessary to be able to evaluate the relative worth of each job compared to key jobs, to categorize, rank jobs into rate ranges, to ensure there’s no discrimination in terms or gender, race and religion, and to make sure that the salary is related to the employees’ performance and capability. 2. Paying 10% more attracts more applicants to this job. Jack believes that it provides employee loyalty and reduces turnover. The problem with this is that it makes employees loyal to high pay rate and it reduces the turnover for only those employees who only concern about the salary rate, however indirect financial payments and other factors also influence the employee’s turnover. 3. Carter’s male-female differential is not wise in my opinion. The salary should be based on performance, and not gender. This disobeys the Equal Pay Act, and it doesn’t maintain individual equity. It is discrimination against female...

Words: 377 - Pages: 2

Premium Essay

Hrm-430

...HRM-430 final exam Page 1: Multiple Choices  Question 1.1. (TCO 1) Which pay structures represent companies' compensation policies that fit with their business objectives? (Points : 5) |        Market competitive        Internally consistent        Equitable        Analytical | Question 2.2. (TCO 2) Medicare Part A is based on what type of healthcare option? (Points : 5) |        Preferred provider plan        Medical savings account        Managed care option        Fee for service | Question 3.3. (TCO 3) Helen believes that the company should share part of the risk for her sales position. Which sales compensation plan should she pursue? (Points : 5) |        Salary-plus-bonus plan        Commission-only plan        Commission-plus-draw plan        Salary-plus-commission plan | Question 4.4. (TCO 4) The level of specialization or expertise an employee brings to a job are what type of skills? (Points : 5) |        Depth        Breadth        Work team        Horizontal | Question 5.5. (TCO 5) The collective bargaining system was established by the passage of which federal act? (Points : 5) |        Davis-Bacon Act        National Labor Relations Act        Wagner Act        Union Labor Relations Act | Question 6.6. (TCO 6) You broke your leg at work. The company called to inform you that they had to switch your benefits from the short-term disability account to the long-term account. That means you have probably been off work...

Words: 720 - Pages: 3

Premium Essay

Hourly Pay vs Salary

...1. Introduction Recent research suggests that people who are compensated with an hourly wage make different decisions about using their time than do people whose pay is not as explicitly time-dependent (DeVoe & Pfeffer, 2007a, 2007b). The argument is that when people paid by the hour think about their time in terms of money, they are more likely to adopt an economic evaluation lens when making decisions about spending time and, in particular, will devalue uncompensated activities. The fact that under conditions of hourly payment people primarily use economic criteria for decisions about time use stands in contrast to much research showing that people generally make decisions about money and time differently (e.g., LeClerc, Schmitt, & Dube, 1995; Okada & Hoch, 2004; Soman, 2001). As one example of this phenomenon, Evans, Kunda, and Barley (2004) found that technical contractors, who sold their services by the hour, became economic evaluators of time. With money and opportunity costs salient, contractors devalued non-compensated time and acted as if they were constrained in their decisions about taking time off from work. DeVoe and Pfeffer (2007a) found that people in a nationally representative sample who were paid by the hour (compared to those not paid by the hour) or those in an experimental setting who were randomly assigned to calculate their approximate hourly wage rate (compared to those who did not) weighed the economic returns of spending time more strongly...

Words: 534 - Pages: 3

Free Essay

Solvgen Inc

...the research and development arrangement, SolvGen and Careway also entered into a five-year license and distribution agreement. Under the terms of the research and development agreement, SolvGen retains all intellectual rights to the results and is entitled to the following five nonrefundable milestone payments from Careway: 1. Exclusive negotiation payment — $1 million (paid December 1, 2005). 2. Contract signing payment — $2 million (paid January 1, 2006). 3. Commercial launch of instrument system Version 1 — $5 million (paid March 31, 2006, upon commercial launch of the instrument system). 4. Commercial launch of instrument system Version 2 — $5 million (not yet paid). 5. Commercial launch of instrument system Version 3 — $5 million (not yet paid). Under the license and distribution agreement, Careway will have the right to market and distribute the proprietary instrument systems. Careway is required to pay SolvGen for each proprietary instrument system as it is purchased by Careway. SolvGen recognizes the nonrefundable milestone payments when the payments are received over the remaining estimated contractual life of the agreements. Based on an evaluation of the circumstances, there are two deliverables in this arrangement that should be considered for separation: a. A license and distribution deliverable b. A research and development deliverable. The criterions for separation are: 1. The delivered items have to have a standalone value to the...

Words: 493 - Pages: 2

Premium Essay

Crucible

... | |DIRECTIONS: Follow each step below. The charts on the next pages will help you stay organized. You must complete all the required information on pages 2-3. | |Your final work must be TYPED NEATLY. | | | |You will receive a “consumer profile” showing 1) your annual net income, 2) description of your lifestyle, 3) the amount of down payment you will put down, 4) | |the time period you will have to pay off the loan, and 5) the APR for the loan you will take out. Using that information, make a list of your NEEDS and WANTS | |for a new car using the table on page 2. You may want to add some details to your consumer’s profile. | |Calculate how much money you can spend on car expenses (loan + gas + insurance +...

Words: 710 - Pages: 3

Free Essay

Retailing and Wholesaling Wateen

...through web, telephone etc. Today the most consumers have shifted their trend towards online shopping. So it is convenient for the customers to just register their order through web, whether you want DSL or WIMAX. It is as simple as click. Wateen offers its services, “full services,” in which customers can get any information at any time regardless of any hidden charges. [pic] An example of Wateen franchise Way of Franchising Wateen also has several franchises at different places, where it behaves as independent businesspeople, to use better words. These franchises help customers in different ways, like problem in internet connection, POP-UP problem etc. Here, Wateen has adopted full-service retail organization. Evaluation: Wateen needs to update its operations in franchises. For instance, it doesn’t entertain credit cards. Here’s a story of a student who faced this problem: I am a student, and living away from my home town in a private hostel in Rawalpindi. I am using Wateen’s WiMAX services for my internet means. Last month, unfortunately I was short of money and at the same time my Wateen’s connection was going to expire on August 28, 2008. I had no other option but to pay my bill though credit card. For the purpose, I visited Wateen’s Franchises in Rawalpindi at Satellite Town and Mall Road, but to my...

Words: 378 - Pages: 2

Premium Essay

Training and Assessments

...assessment, development and conduct of training and evaluations (Gómez, Balkin, & Cardy, 2012, p. 278). Training and assessment in the health care industry involves skills training, peer training, customer service training, creative training, crisis training and literacy training (Gómez, Balkin, & Cardy, 2012, p. 269). Employees in the health care industry require training and assessments on a daily basis to ensure they are properly functioning in a position. Training in the health care industry is essential for patients to receive excellent health care services and for the organization to be successful. Training helps staff members to provide a variety of care throughout different types of health care organizations, such as urgent care centers and neighborhood medical clinics (Mayhew, 2014). The overall process of training in the health care industry is to provide employees with specific skills needed to perform effectively in a position (Gómez, Balkin, & Cardy, 2012, p. 258). Importance of Training and Education in a Health Care Setting Training and education is important in a health care setting because it helps health care providers to protect and provide patients with proper health care services, which helps staff members to avoid making medical mistakes and helps the organization avoid any legal issues. Training also helps with proper diagnoses and treatment plans for patients, as well as insurance payments and other organizational costs. Training and education...

Words: 2226 - Pages: 9

Free Essay

Fina 4600

...case in detail. The extreme view is that the optimal level of NWC is zero. This is based on the premise that working capital is an idle resource that provides little or no value to the stockholders. Research shows that there is a positive relationship between a reduction in working capital and stockholder wealth. However, is it possible for a firm to operate without any investment in working capital? It depends, probably not. Some investment in working capital acts as a shock absorber and reduces the firm’s risk and the cost of capital. 2. Describe the three motives for holding cash. Managers have a transactions motive to hold cash when expenses are unsynchronized with cash inflows. In this case cash provides a medium to fulfill payments in lieu of liquidating long-term assets. Thus, cash can reduce transaction costs and opportunity costs that stem from lost returns due to early liquidation. The transactions motive for holding cash is important for firms with unsynchronized cash inflows and outflows. Managers may hold cash for precautionary purposes because cash can buffer against unexpected contingencies or cash flow shortages; realized cash inflows may be less than expected. Precautionary cash holdings provide funding for purchases and repayment of debt, which are even more critical during tight credit periods when external capital is more difficult to acquire. Managers also have a speculative motive because cash holdings allow for the acquisition of positive net...

Words: 1520 - Pages: 7

Premium Essay

The Creativity of Payment

...the world might be the same as hundred years ago. “Creativity, understood as fruitful originality, not mere novelty, is omnipresent in human experience, from the brilliant artistic works, inventions and discoveries that change the course of one life or many to the everyday efforts of problem solving seen in verbal or mechanical wit” (Caramenico & Goodman, 2013). On the other hand, commercial and trade also play a substantial role in the development of society. Moreover, the method of payment, which is a crucial part of business, has had a tremendous impact on individual’s lives. This essay will analyse the creativity of payments in two aspects which are motivation and imagination by examing the development of human society. This essay will also provide two real world examples to give a critical analysis of how creativity is applied in payments. The methods of payments are everywhere in people’s lives, such as shopping or transfer accounts. According to Babbush & Charles (2008), “payment is the performance of a duty or proise, the discharge of a debt or liability by the delivery of money or something else of value. ” The global growth increased broadly as expected to 3.75% in the third quarter of 2014, up from 3.25% in the second quarter (“IMF Global GDP Outlook”, 2014), averagely, keeping stable increase. Simultaneously, the finance industry developed rapidly and played an increasingly...

Words: 1718 - Pages: 7

Free Essay

Human Service Manager Exercise Paper

...The Working Agreement Kathi Chambliss Course/322 August 1,2011 Connie Giles The working agreement has four parts, the assessment, goal setting, contacting, and evaluation. Not only will this paper explain each of these parts it will also apply them to a hypothetical situation known as Freydia. Even though Freydia is a 27, year that has been hooked on crack cocaine for 4 years, her children have been taken from her by Child Protective Services and placed in her mother’s custody, she is in a drug program and wants to get her children back. The purpose of the assessment is to answer some basic questions. Why was Freydia referred and why is she presented for help. In this case Freydia needs help with her drug addiction. This will also answer the “who” part of the question. Next one has to decide what information needs to be gathered from Freydia. How should this information be gathered and what methods would be used to gather the information. Where should the assessment take place, and when will the contract and the plan begin? The family is also assessed to determine how the unit as a whole functions. In the case of Freydia, knowing the family structures will be important because her two children will be placed in her mother’s care. There are many principles regarding a good assessment. First one should consider the relationship between the client and the clinician starts at the first meeting however things change as the relationship continues. Next the clinician...

Words: 1341 - Pages: 6

Free Essay

Recreuit Select and Induct

...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...

Words: 1206 - Pages: 5

Premium Essay

Case Whirlpool

...launching the new product. 3. What are the pros and cons of Whirlpool’s global sourcing strategies? Cons: Payment terms. Pros: To avoid delays in launching the new product. 4. How are suppliers identified, evaluated and selected? It was necessary to define the commodity and allocate responsibilities and resources through co-ordination of global and regional activities. Using the Sourcing Strategy Development (SSD) process in 4 steps: Step 1: internal analysis, identified and prioritized the process –partner requirements, then evaluated the performance of the existing supply base and reviewed the existing supply base, it also identify the switching costs. Step 2: external analysis, which includes analysing the supplier industry and competitors and evaluating competitor performance and strategies. The evaluation process makes use of SWOT (Strength, Weakness, Opportunities, Threat). Step 3: strategy development, is to analyse the competitiveness and their financial impact. Preliminary negotiations could be carried out, a suitable strategy and suppliers should be selected and the critical path for implementation should be defined. Step 4: implementation, wherein the planned strategy is put into play, give feedback to the chosen process partners and suppliers and final negotiations will be nailed down. 5. What do you think of the evaluation process? There are some issues with the corporate-level and the global-level and to find the right region or...

Words: 437 - Pages: 2

Free Essay

Bhel

...Study of Overall Finance Department at BHEL, Bhopal SIP project report submitted in partial fulfilment of the requirements for the PGDM Programme Institute of Management Technology, Nagpur 2010-12 ACKNOLEDGEMENT I take this opportunity to extend my deepest gratitude to all those who have helped me in the completion of this project and my Summer Internship Program. First of all I wish to express my profound thanks to the management of the Institute of Management Technology, Nagpur for providing me a platform for industry exposure and training. I am thankful to Mr. Girish Shrivastava, GM HR, BHEL Bhopal, and Dr.G.L.Pradhan Coordinator, BHEL Bhopal, for showing trust in my abilities and providing me an opportunity to work and have a learning experience. I have put in my best efforts to justify this trust and to ensure that the value addition resulting from this project is mutual. I am extremely grateful to my Company Guide Mr. K.S. Mathur, Sr. DGM Finance, BHEL Bhopal, for providing the guidance and advice towards the completion of this project study. His constant support and valuable inputs from time to time helped me a lot in conducting this study. The resources and the documents provided by him also helped a lot. Guidance from my Institute guide, Prof Agam Nag, has played a significant role in the preparation of this report. His experience in academics contributed a lot to the conceptual framework discussed in the report. I would like to express my thanks to Prof...

Words: 11052 - Pages: 45

Free Essay

Phases of Control Evaluation

...Phases of Control Evaluation ACC/544 Bunney Schmidt January 28, 2013 The purpose of the internal control evaluation is to assess control risk and provide useful information to management and directors for carrying out the company’s control mission (Louwers, Ramsay, Sinason, & Strawser., 2007). The first phase of the audit cycle is to understand and document the client’s internal controls. This phase introduces the auditor to the client’s control environment and management’s risk assessment (Louwers, Ramsay, Sinason, & Strawser., 2007). Phase two of the audit cycle is to assess the control risk. This phase analyzes the control strengths and weaknesses to assess the control risk (Louwers, Ramsay, Sinason, & Strawser., 2007). The third phase is to perform tests of controls and reassess control risk. In this phase of the evaluation the required degree of compliance with the control policies and procedures and the actual degree of compliance are determined (Louwers, Ramsay, Sinason, & Strawser., 2007). For the accounts payable process the first control objective is to make sure the purchase orders are only used by authorized individuals. If the policies and procedures are not effective in holding individuals accountable for unauthorized use, this could provide a control risk for the company. It is important that po numbers are used, and they are kept track of. They should also be approved by management, and all vendors should know who is authorized to make...

Words: 575 - Pages: 3

Premium Essay

Tactical Team Request Memo

...requesting agency with an objective, third-party evaluation of their tactical team or a single incident with the ultimate goal of enhancing the tactical capability and professional standing of the requesting agency. The review and assessment process begins with preliminary discussions to determine the needs and objectives of the requesting agency. A formal agreement identifying...

Words: 706 - Pages: 3