job evaluation

analysis and comparison of jobs for the purpose of determining the pay structure within an organization. Methods used in job evaluation include (a) ranking jobs on the basis of a subjective estimation of their relative overall value to the company (see ranking method); (b) assigning jobs to certain predefined classifications on the basis of job description (see classification method); (c) comparing jobs to certain identified benchmark jobs in terms of the compensable job factors entailed; (d) assigning point values to jobs according to a series of defined criteria such as education, experience, and the initiative or effort needed (see point method); and (e) ranking jobs according to a statistical analysis of job content, as revealed by employees’ answers to a standard questionnaire (see job-component method).

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Psychology term of the day

December 23rd 2024

quasi– F ratio

in analysis of variance and regression analysis, a substitute for the F ratiof-ratio that can sometimes be obtained when the denominators for an exact F ratio cannot be completed. The quasi–F ratio is obtained by determining the mean squared error using certain estimated components of variation when these cannot be calculated directly.