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Labor Cost - Hourly Plan & Piece Rate Plan
Management of the Von Machine Company requests that you determine the effect of two different wage payment plans upon employee earnings and also on the unit labor cost of Product A.
The following information is available:-1 The hourly rate is $9.00.-2 The labor rate per piece of Part X, if the employee is paid on a piece-rate basis, is $.30.Ten pieces of Part X are required for one unit of Product A. The plant works a 6-day week and an 8-hour day, totaling 48 hours per week. No overtime premium pay is to be considered in your analysis.During a selected week, the following pieces of Part X were produced:
Day Part XQuantities Produced1 1502 2003 2404 1805 3006 200
An agreement with the union requires a minimum rate of $6.50 per clock hour be paid to employees.
a. Determine the labor cost each day of the week for an employee under:-1 the hourly-rate plan.-2 the piece-rate plan.b. If the company could anticipate a steady production level of 250 units of Part X each day, which plan would you recommend to the company's management? Why?
Prepare an annotated reference list with at least three resources used in the development of a consulting firm. The references should be in relation to teamwork performed during the creation of a fictitious consulting company.
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Why are competency-based compensation, broad banding, and variable pay all related to changing strategies for compensating employees?
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Socially Responsible Behaviors - Make a list of at least five (out of nine) of the forms of socially responsible behavior that management demonstrates to show their support for their stakeholders.
Explain some of the strengths and weaknesses that you have observed in group decision making. What are your recommendations for improving group decision making in your organization?
How should resulting performance data be disseminated and utilized throughout the organization?
Data modeling is neither simple nor inexpensive to conduct and explain the data modeling guidelines
Prepare a written recommendation that holistically addresses a problem or business need: Analyze three functional areas
Fair and equitable compensation - On personal perceptions, what would you consider as fair and equitable compensation?
Evaluate the division of labor in an organization and How do the processes and allocation of resources differentiated in a manner that creates efficiency?
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