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Methods of wage payment

Methods of wage payment 1. Time Rate System: 2. Piece Rate System: 3. Incentive Wage System: 2 types or kinds or methods of incentive plans 1) Individual incentive plan 2) Group incentive plan It may either be time based or production based. Under time based plan a standard time is fixed for doing the job. A worker is said to be efficient if he completes the job in time and he is given the reward for his efficiency. Individual Incentive Plans: (a)    Halsey Plan: F.A. Halsey, an American engineer has suggested this wage incentive plan in the year 1891. ·             Min. wage is guaranteed. ·             Additional bonus is provided to workers who complete the job in less than the “standard time ”. Bonus is a certain proportion to the time saved. This proportion is fixed at 50% in this plan. ·        ...

Sampling theory

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Sampling Theory Sampling is simply a process for obtaining relevant information and making inferences about a population by analysing a small group of people within the population for the purpose of a research . It essentially involves selecting a small portion from the aggregate or total population and examining that portion in order to draw inferences about the total population. Population or Universe – It is the subject matter of research study. It refers to the entire group or population of something taken into consideration for the purpose of research. It may be finite or infinite. Sample – A sample is that portion of the population which is critically analysed during a research study in order to make estimations or draw inferences about the entire population. A sample may be defined as a unit chosen from the entire population which represents all the features or characteristics of the entire population. Sampling Unit – It refers to one item of a sample. It may b...