What is performance Management System? Give examples.
Performance management system (PMS) is a process that aims to improve the performance of employees in an organization by setting expectations, providing feedback, and evaluating results. PMS is an important tool that helps organizations to align individual goals and objectives with those of the organization, identify areas for improvement, and improve overall productivity.
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Formulate the dual of the LPP
Max.
Subject to
Analyse statement ‘Customer relationship management has become an important area for public utilities’ in the context of your own organization.
In a factory, the machines break down at an average rate of 10 machines per hour. Assume that the number of machines is fairly large. The idle time cost of a machine is estimated to be Rs. 20 per hour. The factory works 8 hours a day. The factory manager is considering 2 mechanics for repairing the machines. The first 4 mechanic A takes about 5 minutes on an average to repair a machine and demands wages of Rs. 10 per hour. The second mechanic B takes about 4 minutes in repairing a machine and demands wages at the rate of Rs. 15 per hour. Assuming that the rate of machine breakdown is Poisson distributed and the repair rate is exponentially distributed, which of the two mechanics should be engaged?
An ABC analysis is used to determine the re-order point in an inventory problem.
What is performance Management System? Give examples.
What is meant by ‘Operating Leverage’ and ‘Financial Leverage’?
An insurance company has decided to modernize and refit one of its branch offices. Some of the existing office equipments will be disposed of but the remaining will be returned to the branch on completion of the renovation work. Tenders are invited from a number of selected contractors. The contractors will be responsible for all the activities in connection with the renovation work excepting the prior removal of the old equipment and its subsequent replacement. The major elements of the project have been identified as follows along with their durations and immediately preceding element:
| Activity | Description | Duration ( weeks) | Immediate Predecessor |
| A | Design new premises | 14 | - |
| B | Select the contractor and arrange details with selected contractor | 7 | A |
| C | Arrange storage of equipment to be retained | 5 | B |
| D | Arrange disposal of equipment not to be retained | 2 | C |
| E | Procure new equipment | 4 | C,G |
| F | Renovations take place | 12 | C,D |
| G | Cleaning after the contractor has finished | 2 | F |
| H | Bringing back retained equipment from storage | 2 | G,E |