Question

General Random Variable A manager in a medium sized company wants to construct an incentive compensation...

  1. General Random Variable

A manager in a medium sized company wants to construct an incentive compensation program that equitably and consistently compensates employees on the basis of performance. He decides to offer an annual bonus of $10,000 for superior performance, $6,000 for good performance, $3,000 for fair performance, and no bonus for poor performance. Based on prior performance reviews, he expect 15% of his employees to be superior performers, 25% to be good performers, 40% to be fair performers, and 20% to be poor performers.

  1. What would the probability distribution table for the bonuses look like, if this year’s performance of employees is comparable to the past performance?
  1. What is the chance a randomly selected employee would get a non-zero bonus amount?

  1. What is the chance a randomly selected employee would get at least $6000?

  1. What is the expected bonus value of the bonus amounts?
  1. What are the variance and standard deviation of the bonus amount?
Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Case Study: Henderson Printing is a small- to medium-sized manufacturer of account books, ledgers, and various...
Case Study: Henderson Printing is a small- to medium-sized manufacturer of account books, ledgers, and various types of record books used in business. Located in Halifax, the company has annual sales of about $12 million, mostly in the Atlantic provinces. The owner, George Henderson, is a firm believer in making a high-quality product that will stand up to many years of use. He uses only high-grade paper, cover stock, and binding materials. Of course, this has led to high production...
Team 5 answer the questions What are 4 key things you learned about the topic from...
Team 5 answer the questions What are 4 key things you learned about the topic from reading their paper? How does the topic relate to you and your current or past job? Critique the paper in terms of the organization and quality. Incentive Systems             In this paper, we will focus primarily on financial rewards that companies use to attract, retain and motivate the brightest and most talented candidates in the labor market. By providing a reward system that...
Erin is Yard and Shipping Supervisor for a Modular/Manufactured home company in Edmonton, Alberta. The company,...
Erin is Yard and Shipping Supervisor for a Modular/Manufactured home company in Edmonton, Alberta. The company, in business for over 25 years, has a good reputation but does not have a formal quality control/assurance program. Erin has been the yard supervisor for 4 years and prior to that she worked a variety of jobs in the assembly plant. In her position she is responsible for the supervision of the storage yard where finished homes are held prior to shipping. In...
FinTechCo Case Study Company Overview FinTechCo is a medium-sized financial services company comprising of 45 employees...
FinTechCo Case Study Company Overview FinTechCo is a medium-sized financial services company comprising of 45 employees with an annual revenue of $10 million. It has approximately 1000 customers comprising of private individuals and small companies. FinTechCo’s mission is to provide financial services and advice to its clients, to sell various products and services and offer consultation guidance regarding the information systems that support them. Problem Statement FinTechCo’s technical team were originally qualified financial planners who transitioned into technical roles and...
What is the answer to these Quastions? The performance effectiveness of employees is provided to them...
What is the answer to these Quastions? The performance effectiveness of employees is provided to them during the _______ process. a. Performance appraisal b. Achievement discrepancy c. Ability analysis d. Performance feedback e. a and d are correct From a(n)  ______________ standpoint, the effect on performance motivation may be limited in ownership program because of the less obvious link between pay and performance. a.   Agency theory b.   Equity theory c.   Efficiency wage theory d.   Reinforcement theory e.   Contract theory Prometheus Corp. is a large-scale manufacturer of...
Susan Thomas is the vice president for human resources at National Products, a manufacturing company with...
Susan Thomas is the vice president for human resources at National Products, a manufacturing company with 500 employees. The company has an opening for a general manager in one of its product divisions, and the president asked Susan to review the backgrounds of three department managers who are interested in being promoted to this position. She is expected either to recommend one of the three internal candidates or to begin recruitment of external candidates. The internal candidates are Charley Adams,...
Case 114 - THE TRUNP TAJ HOTEL The Trunp Taj Hotel is a five-star hotel in...
Case 114 - THE TRUNP TAJ HOTEL The Trunp Taj Hotel is a five-star hotel in Bangkok, Thailand. The hotel was established fifteen years ago by a local consortium of investors and has been operated by a Thai general manager throughout this time. The hotel is one of Bangkok’s most prestigious hotels and its 700 employees enjoy the prestige of being associated with the hotel. The hotel provides good employee benefits, above-market rate salary, and job security. In addition, a...
I need assistance in analyzing quarter 4 for my HR simulation report Budget Report Company Quarter...
I need assistance in analyzing quarter 4 for my HR simulation report Budget Report Company Quarter Spent Balance Year 1 Budget Year 2 Budget Year 3 Budget Company 03 1 $300,000 $1,000,000 $1,300,000 $1,000,000 $1,500,000 Company 03 2 $322,000 $678,000 $1,300,000 $1,000,000 $1,500,000 Company 03 3 $380,500 $297,500 $1,300,000 $1,000,000 $1,500,000 Company 03 4 $300,185 ($2,685) $1,300,000 $1,000,000 $1,500,000 Company 03 5 $284,000 $713,315 $1,300,000 $1,000,000 $1,500,000 Company 03 6 $212,000 $501,315 $1,300,000 $1,000,000 $1,500,000 Decisions Report Quarter 4 ICP...
CASE STUDY REWARD ENCOURAGES BEAST.....OOPS, BEST! Challenges and accomplishments Neera and Vijit’s experience proved to be...
CASE STUDY REWARD ENCOURAGES BEAST.....OOPS, BEST! Challenges and accomplishments Neera and Vijit’s experience proved to be an asset in the project. Both were technically qualified and committed to the work. Both wanted to excel in their work. Neera knew that with a big team, verbal instructions will get diluted and therefore written instructions were important. Manuals were prepared for each aspect of assessment and the entire field staff was meticulously trained so that clarity about the work and mechanism to...
Using the model proposed by Lafley and Charan, analyze how Apigee was able to drive innovation....
Using the model proposed by Lafley and Charan, analyze how Apigee was able to drive innovation. case:    W17400 APIGEE: PEOPLE MANAGEMENT PRACTICES AND THE CHALLENGE OF GROWTH Ranjeet Nambudiri, S. Ramnarayan, and Catherine Xavier wrote this case solely to provide material for class discussion. The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information to protect confidentiality. This publication may not be...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT