...candidate selection process, I feel that the most important part of the hiring process would have to be the actual job interview. According to Bianca Audra she claims that standardized interview procedures yield in hiring a better quality of candidates than performing unstructured interviews. I think that by increasing the number of test or the number of forms that candidates have to take or fill out for the position of store managers will not suffice nor yield better results. The method that Tanglewood currently uses to hire managers is similar to the method that is used to hire store associates. I feel that a change is required when it comes to the selection plan if Tanglewood expects to hire the best employees out there. The department manager position requires that the potential employees take on a greater responsibility, and perform their work more intelligently. So in order to accomplish that, and hire employees that will perform those types of duties, Tanglewood must tailor our selection methods to match the specific KSAO’s that are required for the position. The more closely we measure the applicants KSAO’s to match to what is required for the position at hand the better results we would produce. We cannot accomplish that if we continue to completely apply our current selection plan across all positions within the store. I recommend that Tanglewood develop and update our current selection process to include a standardized interview procedure for department managers...
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...Pearson Education, Inc. 000200010270649984 PROJECT PROFILE Project Selection Procedures: A Cross-Industry Sampler INTRODUCTION 3.1 PROJECT SELECTION 3.2 APPROACHES TO PROJECT SCREENING AND SELECTION Method One: Checklist Model Method Two: Simplified Scoring Models Limitations of Scoring Models Method Three: The Analytical Hierarchy Process Method Four: Profile Models 3.3 FINANCIAL MODELS Payback Period Net Present Value Discounted Payback Internal Rate of Return Options Models Choosing a Project Selection Approach PROJECT PROFILE Project Selection and Screening at GE: The Tollgate Process 3.4 PROJECT PORTFOLIO MANAGEMENT Objectives and Initiatives Developing a Proactive Portfolio Keys to Successful Project Portfolio Management Problems in Implementing Portfolio Management Summary Key Terms Solved Problems Discussion Questions Problems Case Study 3.1 Keflavik Paper Company Project Profile Case Study 3.2 Project Selection at Nova Western, Inc. Internet Exercises Notes Chapter Objectives After completing this chapter you should be able to: 1. Explain six criteria for a useful project-selection/screening model. 2. Understand how to employ checklists and simple scoring models to select projects. 3. Use more sophisticated scoring models, such as the Analytical Hierarchy Process. 4. Learn how to use financial concepts, such as the efficient frontier and risk/return models. 5. Employ financial analyses and options analysis to evaluate...
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...Companies’ Use of Psychometric Tests for Recruitment: A Review of the Literature Word count: 2995 PART 1 PART 1 Introduction This paper surveys the literature on the use of psychometric testing by employers as part of the recruitment process and considers the general usage by different types of businesses. Companies spend high amount of money each year on psychometric test which measures personality type, learning styles and personal preferences of individuals. Since the 1980’s business in the UK have been making the use of psychometric test as part of the selection process for job vacancies. Over the years the usage has increased to a level where 80% of the Fortune 500 companies in the USA and by over 75% of the Times Top 100 companies in the UK are using some kind of psychometric testing (PSYCHOMETRIC-SUCCESS, 2009). However the benefits and drawbacks of using psychometric testing vary from business to business and sometimes even according to the demographics of the location where the test are conducted. Types of psychometric testing A good psychometric test features reliability, validity, discriminating and NORMs. (Kline, 1992). The significance of Psychometric Testing is able to indicate a reason why Psychometric Testing is widely used, as Kline (1992) suggests that, the efficiency of personnel selection and appraisal will go up as the efficiency of Psychometric test goes up, the necessity of appraisal may disappear as the testing is improved...
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...This document outlines the main appraisal methods and techniques which should be used as part of the Public Spending Code. It provides a brief introduction to each technique and contains reference material at the end of the document. This information is intended to provide a general overview of these techniques, helping to orient new Public Spending Code users and point the way to further more detailed material, both in the Public Spending Code and more generally. 1. Overview of appraisal The basic purpose of systematic appraisal is to achieve better spending decisions for capital and current expenditure on schemes, projects and programmes. This document provides an overview of the main analytical methods and techniques which should be used in the appraisal process. These techniques can also be used in the evaluation process. More detailed information on individual techniques can found in financial and economic textbooks, examples of which are listed at the end of this document and in other guidance material on the VFM portal. An understanding of discounting and Net Present Value (NPV) calculations is fundamental to proper appraisal of projects and programmes. A good understanding of Cost Benefit Analysis (CBA), Internal Rate of Return (IRR), Multi Criteria Analysis (MCA) and Cost Effectiveness Analysis (CEA) is also essential for economic appraisal purposes. 2. Analytical methods The recommended analytical methods for appraisal are generally discounted cash...
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...of the technical and managerial problems frequently associated with decision making through scoring models. An increasingly popular method for effective project selection, the AHP is a four-step process. Checklist: a list of criteria that pertain to our choice of projects, and then applying them to different possible projects. Discounted cash flow (DCF) method: to estimate cash outlays and expected cash inflows resulting from investment in a project. Discounted payback method: the time period in which we are interested is the length of time until the sum of the discounted cash flows is equal to the initial investment. Efficient frontier: set of project portfolio options that offers either a maximum return for every given level of risk or the minimum risk for every level of return. Internal rate of return (IRR): an alternative method for evaluating the expected outlays and income associated with a new project investment opportunity. Lead time: effective methods for aligning profit objectives and strategic plans is the development of a proactive project portfolio, or an integrated family of projects, usually with a common strategic goal. Net present value (NPV) method: projects the change in the firm’s value if a project is undertaken. Nonnumeric models: do not employ numbers as decision inputs, relying instead on other data. Numeric models: seek to use numbers as inputs for the decision process involved in selecting projects. Pairwise comparison approach:...
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...schedule as early as possible so that I can work around them when planning my other engagements. I also do the same thing with important work dates. To the best of my abilities, I schedule my personal events around the important work dates. The Be Proactive category was one of my three lowest scoring categories. Being proactive for me means that you are not waiting for things to happen to you. You can make choices that will affect the outcomes in almost any situation. However, being proactive also takes energy and initiative. Looking back I can see that I allow myself to play the victim in some situations and am not as proactive as I could be. Being more proactive would allow me to shape the outcomes in some additional work situations....
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...the physical, social and mental aspects of wellbeing, a holistic shift from the biomedical view of health being the mere absence of disease and infirmity. However, due to the rising demand of the merit good this has resulted in a rationalisation of health dependent on supply available, its distribution and consumers’ willingness to pay (Light & Hughs, 2001). With the growing demand for health care and government coverage compounded with the decline of doctors and health resources to meet such demand, governing agents and economists have had to use alternative methods to ration these goods to sustain health resources to maximise its benefit i.e., through implicit and explicit rationing. This essay therefore aims to describe both methods used in regards to booking systems of elective services in New Zealand, to portray how health resources are prioritised upon patients but furthermore aim to show how although implicit methods are desirable, explicit rationing adopted in New Zealand is a more practical option to not only sustaining health resources but provides consumers the ability to make rational choices regarding personal and familial health. For the scope of this essay we will discuss both elective and urgent conditions, because the blurred lines separating the two. An elective condition is a non-urgent illness that does not require immediate treatment, whereas an urgent condition is one where that if left untreated can result in either death or disability (Derret, 2005)...
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...Introduction to Management Science, 10e (Taylor) Chapter 9 Multicriteria Decision Making 1) The different objectives in a goal programming problem are referred to as goals. Answer: TRUE Diff: 1 Page Ref: 400 Main Heading: Goal Programming Key words: goal programming 2) All goal constraints are inequalities that include deviational variables. Answer: FALSE Diff: 1 Page Ref: 400 Main Heading: Goal Programming Key words: goal constraints 3) A negative deviational variable is the amount by which a goal level is exceeded. Answer: FALSE Diff: 2 Page Ref: 400 Main Heading: Goal Programming Key words: goal constraints, deviational variable 4) At least one or both deviational variables in a goal constraint must equal 0. Answer: TRUE Diff: 2 Page Ref: 401 Main Heading: Goal Programming Key words: deviational variable, goal constraints 5) The objective function in a goal programming model seeks to minimize the deviation from goals in the order of the goal priorities. Answer: TRUE Diff: 2 Page Ref: 401 Main Heading: Goal Programming Key words: goal prog problem formulation, objective function for goal prog 6) In goal programming, terms are summed in the objective function in order to make consistent decisions. Answer: FALSE Diff: 2 Page Ref: 402 Main Heading: Goal Programming Key words: goal prog problem formulation, objective function for goal prog 7) Goal constraints can include all deviational variables. Answer:...
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...Human Resource Management Applied Project #2 - Employee Selection at Dynamo Industries 1. Critique the selection methods that have been developed by Dynamo Industries. Specifically, critique the (a) personality profiles based on the (1) 16 PF and (2) the TAT, (b) interviewer ratings, (c) intelligence test, (d) handwriting analysis, (e) promotability analysis, (f) performance ratings and (g) work sample scores. Cite independent research sources as appropriate to support your position. (20 points) Personality Assessments Thematic Apperception Test While personality tests can offer one the ability to observe an individual’s psyche, both conscience and subconscious, respectively, its validity to actually “judge” an individual within an interview process is not a best-practice method. As research has indicated “…the TAT is a powerful and revealing measure that has made an undeniable contribution to the motivation literature. However, to the extent that the administration and scoring of the test can be improved and refined through the development of a standard set of cues, group norms, and a more efficient scoring system, the true potential of this measure is at present untapped.”TAT Administration TAT Administration Personality Factors (16) Similar to the TAT test, using standardized personality tests as determining factors within an interview process is controversial. However, personality tests are standardized and most employers consider quantitative scores...
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...methodical exploration of an organization’s data with emphasis on statistical analysis. It describes the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics is used by companies committed to data-driven decision making. It focuses on developing new insights and understanding of business performance based on data and statistical methods. BA is used to gain insights that inform business decisions and can be used to automate and optimize business processes. Business analytics makes extensive use of statistical analysis, including explanatory and predictive modeling, and fact-based management to drive decision making. It is therefore closely related to management science. Analytics may be used as input for human decisions or may drive fully automated decisions. Data-driven companies treat their data as a corporate asset and leverage it for competitive advantage. Successful business analytics depends on data quality, skilled analysts who understand the technologies and the business and an organizational commitment to data-driven decision making. Once the business goal of the analysis is determined, an analysis methodology is selected and data is acquired to support the analysis. Data acquisition often involves extraction from one or more business systems, cleansing, and integration into a single repository such as a data warehouse or data mart. The analysis is...
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...complete sentences. a. Which of the two options should Patricia pursue if she wants to open a restaurant in a suburban area of Los Angeles? Calculate the total expected utility from each restaurant option and compare. Graph is not required. Describe your answer, and show your calculations. b. Which of the two options should she pick if she plans to open a restaurant in the Los Angeles metropolitan area? Describe your answer, and show your calculations. c. Which option should she pursue if the probability of finding a restaurant venue in a suburban area can be reliably estimated as 0.7 and in a metropolitan area as 0.3? Describe your reasoning and show your calculations. d. Provide a description of a scenario in which this kind of decision between two choices, based on weighing their underlying attributes, applies in the “real-world” business setting. Furthermore, what are the benefits and drawbacks, if...
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...planning committee 4. A road map indicating the direction of systems development, the rationale, the current systems, new developments to consider, the management strategy, the implementation plan, and the budget is called a(n) a. project plan. b. portfolio analysis. c. information systems plan. d. enterprise analysis. 5. The central method used in a portfolio analysis is to a. inventory all of the organization`s information systems projects and assets. b. perform a weighted comparison of the criteria used to evaluate a system. c. survey a large sample of managers on their objectives, decision-making process, and uses and needs for data and information. d. interview a small number of top managers to identify their goals and criteria for achieving success. 6. In using a portfolio analysis to determine which IT projects to pursue, you would a. select the most low-risk projects from the inventory. b. limit work to those projects with great rewards. c. select only low-risk, high-reward projects. d. balance high-risk, high reward projects with lower-risk projects. 7. The central method used in a scoring model is to a. inventory all of the organization`s information systems projects and assets. b. perform a weighted comparison of the criteria used to evaluate a...
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...5 Modern Applied Science A Study of an Evaluation Model on Manufacturing Execution System in Paper-making Enterprises Zhihong Xu Key Lab for Paper Science and Technology of Ministry of Education Shandong Institute of Light Industry Shandong 250353, China E-mail: xzh1385@163.com Feng Huang The State Key Laboratory for Microbial Technology Shandong University, Shandong 250100, China Jiachuan Chen & Guihua Yang Key Lab for Paper Science and Technology of Ministry of Education Shandong Institute of Light Industry Shandong 250353, China Abstract Manufacturing execution system (MES) is a production management technology and real-time information system which lies between the enterprise upper layer (ERP) and the bottom layer (PLC/DCS) and faces to workshop layer. MES's concept, its functional model and its important status in the manufacture industry are introduced in this article. Based on the production practice in Kunshan Banknote Paper Mill, an evaluation model of EMS is set up. The model also has a certain reference value to the construction of management information system (MIS) for the relative industries. Keywords: Pulp and paper industry, Manufacturing execution system, Furzzy evaluating method 1. Introduction The construction of informationization has made considerable progress with years of development in domestic paper industry. Large and medium-sized paper-making enterprises has widely adopted Enterprise Resource Planning (ERP) for enterprise production planning management...
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...offer high-quality service. RiskMetrics primary customer was companies and business which requires an efficient and low-cost execution of risk analysis. Their business model was based on short-term software leasing. The company leased clients a CD containing a risk management application priced at $30000 annually per user and was password protected, after that clients paid by the month for the new password. Organizational Structure Since RiskMetrics Group was a new company, that formerly was a subsidiary of J.P Morgan, Berman used FLAT organizational structure. There were pro’s and con’s by using this kind of organizational structure: Competitive Advantage One of the major competitive advantage of RMG is its payment method. They use leasing payment method to attract costumer and make the costumer financial burden lighter. II. TIME LINE Early 90’s The RiskMetrics Group started as an in-house division of J.P. Morgan, the institutional investment bank. Dennis Weatherstone, chair of Morgan in the early 1990s, wanted a simple, concise daily report that measured the company’s proprietary risk at the end of each day. Why? Because the needs for accurate and clear measure of exposure to market volatilities. In the wake of such financial disasters such as Orange County, Barings, Daiwa and Showa Shell, banks and financial service firms recognized the need for accurate, clear measures of exposure to market volatility. The risk management tool known as value-at-risk, or VaR, grew...
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...and then choosing to implement some set of them so that the objectives of the parent organization will be achieved. Managers often use decision-aiding models to abstract the relevant issues about a problem from the plethora of details in which the problem is embedded. Models represent the problem’s structure and can be useful in selecting and evaluating projects. Lecture03 Mwaffaq Otoom & Shadi Alboon 3 What Projects to Bid on Company selection of the projects they will bid on is generally based on: Their own expertise and track record Resources they have available Their chance of winning the bid They do not want to waste that effort on bids where they are unlikely to be successful Preparing a bid is expensive! Lecture03 Mwaffaq Otoom & Shadi Alboon 4 Criteria for Project Selection Each project has different risks, benefits and costs – often much uncertainty. Companies need to be able to evaluate and select those projects that most closely fit the firm’s strategic objectives – always done in the context of competing for limited resources. Why Project Selection Models? Models abstract the relevant issues about a problem from the plethora of details in which the problem is embedded (Model is a representative of the reality, not the exact replica (reality is more complex) Models help make rational decisions (Models do not make decisions, people do) Lecture03 Mwaffaq Otoom & Mohammad Al Bataineh 5 Criteria for Project...
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