Objectives for a Pay Plan

question 118

Multiple Choice

Objectives for a pay plan

• A)are not needed in a performance-based plan.
• B)must be stated for a performance-based plan to work.
• C)are essential for a periodic compensation plan to be successful.
• D)are unnecessary for a merit pay plan.

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Definitions:

Value Chain Management

The process of optimizing the steps from raw material acquisition to production, distribution, and after-sales services to add value and increase efficiency within a company's operations.

Specific Sequence

A particular order or arrangement in which events, actions, or processes occur or are arranged.

Value Chain

The full range of activities that businesses go through to bring a product or service from conception to delivery to the consumer.

Materials Flow

The movement of raw materials, components, and finished products through various stages of production and distribution.