The pay plan has long been popular as a means of compensating production workers by paying a fixed sum for each unit of production completed. Group of answer choices profit sharing piece-rate competency-based gainsharing merit-based

Piece rate pay plan

Explanation:

The piece rate pay plan is used by a business or organization that wants to pay its workers based on the number of production units that the workers complete. Using the piece rate pay plan as a form of pay plan helps in the conversion of compensation into a cost which varies directly with sales with the assumption that all the goods produced are sold immediately.

The piece rate pay plan is calculated by multiplying the piece rate by the number of production units of work completed by a employee. For example, if an employee is paid $2.00 per unit of production and has completed 300 units of work for a week, the employee's regular earnings will be equal to $600.

Piece-rate

Explanation:

The piece-rate pay plan has long been popular as a means of compensating production workers by paying a fixed sum for each unit of production completed.

Piece rate pay plan is the payment of employees based on the quantity of product they produce. A piece-rate pay system means that the worker is paid per unit of production.

Advantages of piece rate pay plan;

1. Increase in output. Since workers are paid according to quantity they produce, they direct more effort to production so as to earn more.

2. It saves time. Employees tend to spend less time producing a unit so as to be able to produce more units for higher payment.

3. Cost per unit can be calculated easily

Disadvantages of piece rate pay plan;

1. Quality of products tend to reduce because workers focus more on quantity produced.

2. Welfare of workers might be affected. Workers always wants to earn more, so they continue producing even when they are ill.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.