Pay systems translate the strategy into practice in order to achieve certain objectives. The basic objectives are efficiency‚ fairness‚ compliance with laws and regulations and satisfaction of the employees. 1.Efficiency consists of:a.Improving performance‚ increasing quality‚ delighting customers and stockholders. When the organization improves the performance she will get the benefit from the employees‚ which will affect the organization’s strategy and will lead to the competitive advantages
Premium Wage Employment Salary
Economics and Managerial Economics Economics may be defined as a branch of knowledge dealing with allocation of scarce resources among competing ends. Managerial Economics may be defined as application of eco for problem solving at corporate level. Factors affecting Managerial decision Often only pure logic does not contribute to decision making Human Factor Human behavioral considerations often influences a manager into compromising or moderation a decision which would otherwise have made
Premium Economics Decision making
QUESTION 3 :Explain how to evaluate commercial loan. A commercial loan is a debt-based funding arrangement between a business and a financial institution‚ typically used to fund major capital expenditures or to cover operational costs that the company may otherwise be unable to afford. Expensive upfront costs and regulatory hurdles often prevent small businesses from having direct access to debt and debt and equity markets for financing. Similar to consumer credit‚ smaller businesses must relay on
Premium Debt Finance Investment
Definitions; Basic economic problem – Capital capital goods‚ or real capital are those already-produced durable goods that are used in production of goods or services. Command economy – economy where supply and price are regulated by the government rather than market forces Division of labour - Division of labour is the specialization of cooperative labour in specific‚ circumscribed tasks and like roles Enterprise- simply another name for a business. Free market economy - is an economy in
Premium Economics Market economy Planned economy
OUTCOMES Introduction to macroeconomics Measuring performance of the economy The Monetary Sector The Public Sector Macroeconomic Theories Inflation Unemployment Economic growth and development The foreign sector THE PUBLIC SECTOR: STUDY UNIT 4 What are Your Views on Fiscal Policy and How Fiscal Policy Affects You? Roles of Government in a mixed economy 1. Establishing and enforcing rules of exchange such as Property rights‚ Contract law 2. Promoting competition/prevent
Free Monetary policy Inflation Macroeconomics
today’s economic system. He believes that for an economic system to function properly the system’s sole aim should not be continued growth. Furthermore‚ we should look for solutions that do not revolve around materialism. To justify his idea‚ he first explores whether materialism is actually a good indicator of progress and societal well-being. He believes that progress today only affects a certain section of the society‚ rather than society as whole and this is one of the drawbacks of the system. Subsequently
Premium Economics Ethics United States
Jessica Dirkson Professor Hoey HIS330 March 8‚ 2013 Unsuccessful Attempts of International Order in East-Asia In the beginning of the Meiji Era (1868 - 1912)‚ Western attempts to create a stable international order in East Asia increased tremendously. During this time period‚ Japan experienced fundamental changes in its view and interactions with the Western Powers. Previously‚ the Japanese did not have any interest in adopting the international order of the West‚ and continued on a path of
Premium World War II Empire of Japan Japan
worker’s training is dependent on the methods/strategies used in training. Using examples‚ state how different types of methods can contribute to the attainment of training objectives. 1.1 Introduction In order to explain the different types of methods can contribute to the attainment of training objectives ‚ is better to understand what is training. Training is a short-term process utilizing a system and organized procedure by which non-managerial personnel learn technical knowledge and skills
Premium Training Apprenticeship
Economics Answers Define the following terms: 1) Public goods are goods that when produced can be freely consumed by anyone‚ for example the justice system. They are made up of the following goods‚ non-exclusive and non-rival. Non-exclusive goods are goods that people cannot be excluded from consuming‚ it is difficult or impossible to charge for its use which implies no private market as benefits cannot be denied to those who refuse to pay‚ for example public TV. Non-rival goods or
Premium Marginal cost Economics Supply and demand
How successful were Henry VII’s attempts to control the nobility? Lotherington says‚ ‘No king could rule without the co-operation of the nobility‚ which was largely responsible for conducting the king’s business in the provinces’ and Pendrill supports this when he says that Henry VII’s prime aim was to restore a partnership in government‚ shifting the balance in his favour after the disruption of the Wars of the Roses. Policies to achieve this combined a mix of the ‘carrot and stick’ technique.
Premium Henry VII of England Wars of the Roses Edward IV of England