Fair Wages: It is the wage, which is above the minimum wage but below the living wage. Thus the lower limit of the fair wage…

Minimum Wages: Wages, which are need-based and statutorily decided both by the Central and the State Government. Payment of minimum wages is obligatory for the…

Performance management system: Performance management system refers to the combination of performance goals and a pay for performance plan.

Job Assessment: To keep pace with the changing job content, due to technological changes, it is necessary to make periodic re-assessment of the job keeping…

Job Description: This process helps to give a title to a job, considering the conditions, tasks and responsibilities involved and qualities required for a job.

Exchange Value: The properties, which enable the owner to exchange it for anything else, if, he so desires in future.

Cost Value: The cost required to produce the item.

Esteem Value: Aesthetic features or properties which attract a customer to own it.

Use Value: The properties and qualities which are useful and which enable to accomplish the work. Use Value again may be either for primary use,…

Value Engineering: It is an organized creative technique to analyze functions of a product or service or a system.

Performance Improvement: It is any effort targeted at closing the gap between actual results and desired results.

Performance Problem: A performance problem is any gap between desired results and actual results.

Integrated Business Planning: Integrated Business Planning (IBP) refers to the technologies, applications and processes of connecting the planning function across the enterprise to improve organizational…

Operation Performance Management: Operational Performance Management (OPM) focuses on creating methodical and predictable ways to improve business results, or performance, across organizations.

Business Performance Management: Business Performance Management (BPM) is a set of processes that help businesses discover efficient use of their business units, financial, human and…