An ERD Is a Picture That Shows How Data and Information

question 25

True/False

An ERD is a picture that shows how data and information is processed and transformed by a business system.

Recognize the concepts and benefits of competency-based compensation systems.

Understand the implications of labor market conditions on compensation practices.

Understand the concept of compensable factors and their components.

Grasp the fundamental ideas behind competency-based pay systems.

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Definitions:

Productive

Refers to the ability of an entity, be it an individual or an organization, to produce a significant amount or output from a certain amount of inputs.

Training

The process of enhancing the skills, capabilities, and knowledge of employees for the purpose of improving their job performance.

Managers

Individuals responsible for controlling or administering an organization or group of staff.

Marginal Revenue Product

The extra revenue generated by employing one more unit of a factor, such as labor or capital, holding other factors constant.