Piece Rate Incentive Plan

Introduction to Taylor's differential piece-rate incentive plan

F. W. Taylor get introduced a scheme for wage payment through which the aim of maximum output might be achieved. The basis suggested through Taylor is that low piece rate should be paid for low production and high piece rate should be paid for high production. As per to Taylor, a standard time is fixed and the worker who completes the fixed work before the fixed time should be paid at a higher rate and the worker who cannot done the work under the standard time should be compensated at a lower rate. This criterion should be set up very precisely with the help of time and motion studies since it is the demarcating line for lower and higher rates of wages. So, two piece-rates are set, one for those who carry out the standard work in standard time (may be known as efficient workers) and the other for those who carry out less than the standard task in the standard time (may be known as inefficient workers).

Generally rates are 175% and 83% of the piece work rate for efficient and inefficient workers correspondingly.

Example

Standard production 10 units per hour

Working hours in a day 8 units

Worker A produces 70 units

Worker B produces 100 units

Latest technology based Cost Accounting Online Tutoring Assistance

Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Piece Rate Incentive Plan homework help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Piece Rate Incentive Plan, project ideas and tutorials. We provide email based Piece Rate Incentive Plan homework help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Piece Rate Incentive Plan. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Cost Accounting homework help and assignment help services. They use their experience, as they have solved thousands of the cost accounting assignments, which may help you to solve your complex issues of Piece Rate Incentive Plan. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.

©TutorsGlobe All rights reserved 2022-2023.