Why Does a New Business Need to Develop a Competitive

question 16

Essay

Why does a new business need to develop a competitive advantage?

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Definitions:

Job Evaluation Points

A numerical value assigned to various aspects of a job, such as skills, effort, and responsibility, to determine its relative worth.

Point Method

A job evaluation method that quantifies job elements to assign points, which are used to determine an appropriate compensation level.

Compensable Factors

Criteria used by organizations to evaluate the relative worth of different jobs, which then guides the determination of appropriate compensation levels.

Factor Degrees

The variation or levels within compensable factors used to evaluate and differentiate between job roles or responsibilities.