Individual Evaluation Methods of Performance Appraisal for SMU MB0043 MBA Assignment

There is the solved assignment of “discuss Individual evaluation methods used for performance appraisal.” The assignment has been solved for SMU MBA of MB0043 (Human Resource Management). You can read other assignments also - stocks and ratios and techniques and methods in selecting employees also.

You can evaluate an employee individually in five ways. These ways can be categorized into:

Graphic Rating Scale:

The most widely used performance evaluation technique is a graphic rating scale. In this technique, the evaluator is presented with a graph and asked to rate employees on each of the characteristics listed. The ratings can be in a series of boxes, or they can be a continuous scale (0-9) or so. In the latter case, the evaluator places a check above descriptive words ranging from none to maximum.

Forced Choice:

The forced-choice method of evaluation was developed because other methods used at the time led to a preponderance of higher ratings, which made promotion decisions difficult. In forced choice, the evaluator must choose from a set of descriptive statements about the employee.

Essay Evaluation:

In the essay technique of evaluation, the evaluator is asked to describe the strong and weak aspects of the employee’s behavior. In some enterprises, the essay technique is the only one used; in others, the essay is combined with another form, such as a graphic rating scale. In this case, the essay summarizes the scale, elaborates on some of the ratings, or discusses added dimensions not on the scale.

Management by Objectives:

Another individual evaluation method in use today is Management by Objectives (MBO). In this system, the supervisor and employee to be evaluated jointly set objectives in advance for the employee to try to achieve during a specific period.

Checklists and Weighted Checklists:

Another type of individual evaluation method is the checklist. In its simplest form, the checklist is a set of objectives or descriptive statements. If the Rater believes that the employee possesses a trait listed, the Rater checks the items; if not, the Rater leaves it blank. A rating score from the checklist equals the number of checks.

Techniques and Methods in Selecting Employees for MB0043 MBA Assignment

“Explain the various techniques and methods used in selecting employees.” It is the solved SMU MBA assignment of MB0043 (Human Resource Management). You can take a look of phases of evolution of human resource management and stocks and ratios also.

The hiring procedures are therefore, generally long and complicated. Many employers make use of such techniques and pseudo-sciences while coming to hiring decisions. There are some popular procedures to suit individual situation:

1. Initial or preliminary interview
2. Application blank or blanks
3. Check of references
4. Psychological tests
5. Employment interview
6. Approval by the supervisor
7. Physical examination
8. Induction or orientation

Preliminary Interview:

The more non-selective the recruitment programme, the more likely it is that a preliminary interview will be required. This initial interview is usually quite short and has its object the elimination of the obviously unqualified.

Application Blank:

An application blank is a traditional, widely accepted device for getting information from a prospective applicant which will enable a management to make a paper selection. The blank provides preliminary as well as aid in the interview by indicating areas of interest and decision.

Check of References:

The use of references is common in most selection procedures, for it involves only a little time and money, and minimum of effort. The procedure places reliance on the evaluation of former employers, friends and professional personal, checks on references are made by mail or telephone, and occasionally in person, or by using a reference form.

Psychological Tests:

The next step in the procedures outlined above is that of testing. If all organizations, large and small, are considered, it is apparent that most are not using psychological tests.

Interviewing:

Interviewing is probably the most widely used single method of selection. A substantial amount of subjectivity, and there, unreliability, is to be expected from interviewing when used as a tool of evaluation.

Physical Examination:

The physical examination is an employment step found in most businessmen can vary from a very comprehensive examination and matching of an applicant’s physical capabilities to job requirements to a simple check or general physical appearance and well-being.

Phases of Evolution of Human Resource Management for MB0043 SMU MBA Assignment

“Trace the phases of evolution of human resource management.” It is the solved assignment of MB0043 (Human Resource Management) for SMU MBA. You can take a look of stocks and ratios also.

Kautilya provides a systematic treatment of management of human resources as early as 4th century B.C. in his treatise titled “Artha-Shastra”.

In course of time, the guild system was followed by co-operative sector consisting of craftsmen and traders, and purporting to promote their professional interests. Indeed, numerous professional societies were formed on these lines with their own systematic procedures and policies to nature their own interests.

The concept of “Varnashram” or caste system was originally based on these principles. The individuals who used to earn their livelihood by engaging themselves in activities such as teaching, sacrifice or state management were designated as Brahmins while those specializing in fighting were termed as Kshatriyas.

As regards Indian economy in Mediaeval India, although there was a lull because of numerous foreign aggressions for around 700 years, during the Mughal rules, the trade and commerce were revived.

Accordingly, the workers were entirely helpless in the face of the organized and powerful European planters. Explicitly, during post-independence period, the activities of Personnel Department in different public and private sectors have multiplied. According to the provisions of section 49 of the Factories Act, 1948, it became obligatory for the employers to employ a Welfare Officer in factory employing 500 or more workers.

Management of human resources is being regarded as specialized profession such as that of medicine and law. In addition to the industrial relations functions the Personnel Department is responsible for other varied functions including employment, safety, training, wage and salary administration and research and development.

However, personnel counselling has been largely neglected in most of Indian enterprises. This gives rise to several grievances and lowers the efficiency of the workers.

Stocks and Ratios for MB0042 for MBA Assignment

“Write a note on Stocks and Ratios theory.” It is the solved assignment of MB0042 (Managerial Economics) for SMU MBA. There are some other solved assignments for MB0042 - Law of Variable Proportion, Elasticity of Demand and Equilibrium and Disequilibrium.

Stock is always measured at a given point of time and flow is measured over a given period of time. Macro Stock Variables are inventory, capital stock, wealth, debits etc. Macro flow variables are National Income and output, consumption, investment etc.

Both stock and flow are expressed in money units. Stock may be expressed as just rupee but flows are expressed as rupees per month, rupees per year or in any time unit. The distinction between the stock and flow can be cleared with an example. Total money supply is stock but change in money supply is flow.

There are various macroeconomic ratios, which are commonly used in management decision making. Consumption-income ratio shows the relationship between income and consumption. Saving-income ratio is obtained by subtracting consumption from income. Capital-output ratio shows the number of units of capital required for each unit of output produced.

Capital-labour ratio indicates factors proportion, the combination of labour and capital in the production process. Output-labour ratio shows the labour productivity. Index number is a statistical device which shows changes of a variable over a period of time. The value of money can be measured by means of Price Index number, in this there are two price indices consumer’s price index number and wholesale price index.

Index numbers are used in measuring the change in the value of money, changes in wages, and it is also useful for planners to design the policies. Stocks deals ratios and ratios is compatible with stocks. Both are quite compatible with each other to show the basic understanding about managerial economics.

Equilibrium and Disequilibrium Theory for MB0042 for SMU MBA Assignment

“Define Equilibrium and Disequilibrium.” It is the solved question of MB0042 (Managerial Economics) for SMU MBA assignment. You can take a look of some other solved assignments for MB0042 - Law of Variable Proportion, Elasticity of Demand and Pricing Policies and Objective of Pricing Policy.

Equilibrium is defined in economics as the position of rest or a state of balance or a state where there is no change required in a period of time. Equilibrium is absence of disequilibrium. Economics deals with variables, whose value changes over a period of time.

This concept of equilibrium is used in managerial economics also. Therefore, you, as management students, must understand this concept. Let us take an example of demand and supply analysis. This point where demand and supply intersect each other is the point where price settles down. This is the equilibrium price.

Whenever there is a change in demand and supply forces, this equilibrium is disturbed. But this equilibrium is restored again by interplay of demand and supply factors. There are two types of equilibriums, partial and general equilibriums. The above example is for partial equilibrium; where, it is assumed that everything in the economy is constant.

General equilibrium means equilibrium in all market and sectors. It assumes that everything depends upon everything. It emphasizes on the interdependence between different markets and sectors of economy.

Market Equilibrium is the point where the demand and supply curve intersect each other and the demand is equal to supply. If this equilibrium is disturbed, the price increases above the equilibrium. The supply will be more than the demand and this surplus and this surplus created between the sellers, drives the price down. Whereas, if the price is above the equilibrium price, there is shortage and the competition among the buyers drives the price up to the equilibrium price. The increase in the demand increases both the equilibrium quantity and equilibrium price.

Pricing Policies and Objective of Pricing Policy from MB0042 for SMU MBA Assignment

It is the solved assignment of - “Define Pricing Policy. Explain the various objective of pricing policy.” It is the question of MB0042 (Managerial Economics) SMU MBA assignment. There are already some solved assignments for MB0042 - Law of Variable Proportion, Elasticity of Demand and Price Discrimination.

Pricing Policies:

The decision of pricing is very important in any business. Price once fixed is never permanent. It needs to be reviewed and revised according to the market conditions.

Objectives of Pricing Policy:

To Maximize Profits:

Every firm tries to maximize their profits. So they should have a price policy, which fetches them maximum revenue. Every firm should have a price policy keeping the long run prospects in mind.

Price Stability:

Always fluctuating price is not for the goodwill of the company. A stable price always wins the confidence of customers.

Capture the Market:

Producer’s aim is to capture the market and to do so, he fixes comparatively lower price for his product, while introducing a product to capture the lion share of market. But once they gain stability and consistency they can change their price policy.

Facing Competitive Situation:

Every producer should fix the price, keeping the price of the competitor in mind in some types of market structure; prices are fixed in such a way so as to restrict the entry of rival firms in the industry.

Ability to Pay:

The price should be fixed according to the ability of consumer to pay; high price for rich customers and low for poor customers. This can be applied in case of services given by doctors, lawyers etc.

Prices once fixed cannot be kept constant forever; it has to be revised according to the condition and the economic situation. The main objective of pricing policy is to maximize profit for the firm, stability is necessary to win the confidence of the customers and it should be able to capture enough market for the firm.

Law of Variable Proportion from MB0042 SMU MBA Assignment

“Explain the Law of Variable Proportion.” The question has been solved for MB0042 (Managerial Economics) SMU MBA assignment. I have already submitted the solved assignments for MB0042 - Elasticity of Demand, Price Discrimination and Marginal Efficiency of Capital.

Law of Variable Proportion:

Total Product (TP) – Total quality of output produced by a firm.

Average Product (AP) – The total produced by a firm divided by the quantity of variable factors used to produce.

AP = TP/Q

AP – Average Product

TP – Total Product

Q – Number of Variable Factors

Marginal Product (MP) – Change in TP caused as a result of additional unit of Variable factor employed to the combination of Fixed Factor.

Law of variable proportion is also called Law of Diminishing Returns. It examines the production function when one factor varies keeping the quantities of other fixed factors constant. That is how the output varies when Variable Factors are employed to the fixed factors.

The law states, when Variable factors are increased in equal doses keeping the Fixed Factor constant, the total product will increase. But after a certain point it will increase at a diminishing rate and finally the total product starts decreasing.

Assumption:

This law is subject to certain assumptions:

1. The state of technology is given

2. Only one factor of production must be variable. In the example illustrated below, we have taken it as labour

3. There are some inputs, which are kept constant of fixed



In the above table, first column shows fixed factor as the land, say 5 acres. Second column shows labour as variable factor. Third column shows Total Product which changes due to change in the variable factor. Fourth column shows AP which is derived by dividing TP with Q. Fifth column, is MP which is derived by change in TP with change in Q. In the above table, at the fourth unit of variable factor, the total product reaches maximum and then starts has reached its maximum at third unit of variable factor. Marginal product starts falling first, average product follows it and total product falls last.

Marginal Efficiency of Capital and Factors of MEC for MB0042 Managerial Economics MBA Assignment

It is the solved assignment of – “What is Marginal efficiency of Capital? Describe the factors determine MEC.” The question has been submitted for MB0042 (Managerial Economics) SMU MBA assignment. There are already Elasticity of Demand and Price Discrimination from MB0042.

Managerial Efficiency of Capital (MEC) – any investment decision depends not only on rate of interest but also whether or not the expected rate of returns on the investment is greater than cost of borrowing the funds,. In these two factors, the MEC is an important factor because MEC is the expected rate of returns from the investment. If the returns expected are low, then the investment is not profitable because in short run, rate of interest is stable.

In MEC, capital means the real productive assets. MEC depends on expected rate of returns of a capital asset over its life time which is also called Prospective Yield and the supply price of capital assets. Any business man will weigh the prospective yield with the supply price before investing.

Factors Affecting MEC:

Expected demand for future – if the demand is expected to increase, the decrease in future, the prospective yield will be low and so the MEC. So the change in expectation gives sudden ups and downs in investment decisions.

Level of income – when people experience gains through reduction in tax or gains in bullish market, the businessmen become more optimistic as they know when income increases, the demand will increase and so the MEC is high and it is the other way when there are huge losses.

When consumption changes – In real life, whenever there is a shift in consumption Function, the MEC also changes.

Business expectation – Investment is something which gives returns only in the future. Any decision on investment depends on the return which the businessmen expect in future. If the environment is optimistic that leads to more expectations in future.

MEC and Business Expectation:

MEC depends on the businessmen’s expectations, which increases due to invention and goes down due to any threat to the returns on investment. It is also affected by the annual spirit of the entrepreneur. That is why investments are not always calculations but also irrational optimism. Business expectations are based on existing events and partly future facts.