This article throws light upon the top seven techniques used for measuring work. The techniques are: 1. Analytical Estimating 2. Predetermined Motion Time System (P.M.T.S) 3. Method-Time-Measurement (M-T-M) 4. Work Factor 5. Activity Sampling, Ratio-Delay Study or Work Sampling 6. Use of Time Study Data in Wage Incentive and Collective Bargaining 7. Ergonomics. Technique # 1. Analytical Estimating: Setting the [...]
After reading this article you will learn about:- 1. Definition and Concept of Standard Data 2. Types of Standard Data 3. Developing the Standard Data 4. Comparison with Individual Time Studies 5. Use. Definition and Concept of Standard Data: Standard data is a catalogue of 'normal time' values for different elements of jobs or for minute movements involved in different [...]
Laws of Returns occupy a central position in production. It has been seen that an entrepreneur increases the quantity of various factors of production in order to increase the output of his factory so as to earn higher profits. The returns due to these additions in the factors of production are not always fixed. Sometimes returns increase due to increase [...]