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knowledge

n.

1. the state of being familiar with something or aware of its existence, usually resulting from experience or study.

2. the range of one’s understanding or information. In some contexts the words knowledge and memory are used synonymously.

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Psychology term of the day

May 7th 2024

Scanlon plan

Scanlon plan

a type of gainsharing program in which employees are motivated to improve productivity by monetary bonuses and participation in solving production problems. A production committee made up of supervisors and employees is formed within each unit in an organization; this committee screens suggestions from employees for reducing costs and improving productivity. Gains, such as cost savings or the value of improved production, are shared with the whole group, not just the individuals making the suggestions. See also industrial democracy; participative decision making; quality circle. [Joseph Scanlon (1899–1956), U.S. union leader]