PLEASE DO NOT FORGET THE REFENCES. Place the refences under each discussion not in the refences section because I get very confused.
Maria Lopez, CEO of Sales Bin Stores, is considering a recommendation made by both the company’s purchasing manager and director of finance that the company should invest in a sophisticated new perpetual inventory system to replace its periodic system. Explain the primary difference between the two systems, and discuss the potential benefits of a perpetual inventory system. Please research and explain the perpetual inventory system and the periodic inventory system. What are the advantages of the perpetual system over the periodic system? Provide examples to understand your explanation.
How would you respond to Bethany
Per our text the definition of Periodic Inventory System is “An inventory system in which a company does not maintain detailed records of goods on hand throughout the period and determines the cost of goods sold only at the end of an accounting period.” (Kimmel & Weygandt, 2017) The definition for Perpetual Inventory System is “A detailed inventory system in which a company maintains the cost of each inventory item, and the records continuously show the inventory that should be on hand”. (Kimmel & Weygandt, 2017). A perpetual inventory system would help keep a more accurate record of the inventory and would also be more cost effective as it would keep track of the inventory as it went out instead of having employees take the time to try and count the inventory in the store then just hoping to have a rough idea at the end of an accounting period. It would also help with theft as you would able to determine how many items were missing from the inventory.
Kimmel, P. D., & Weygandt, J. J. (2017). Survey of Accounting. Hoboken, NJ: Wiley.
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How would you respond to Katherine?
Hello Prof. and Peers,
The primary difference between the two systems “periodic system” and the “sophisticated new perpetual inventory system” is that the periodic system determines the inventory on hand only at the end of the accounting period. The “sophisticated new perpetual inventory system” the account inventory will be debited when there is a purchase of goods, be credited for the cost of the items sold and the account cost of goods sold will be debited, have its balance continuously or perpetually changing because of the above entries, require a physical inventory to correct any errors in the inventory account, require a cost flow assumption (FIFO, LIFO, average). The benefits of the perpetual inventory system is that it allows for accurate restocking, it uncovers shrinkage and theft, it produces more accurate interim financial statements, a closer management of inventory levels. It keeps a continual track of inventory balances.
Yadollahi, E., & Aghezzaf, E. (2017). Considering inventory distributions in a stochastic periodic inventory routing system. doi:10.1063?1.4992725
Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Accounting: Tools for business decision making. Hoboken, NJ: Wiley.
Libby, R., Libby, P. A. & Short, D. G. (2011). Financial accounting. Boston: McGraw-Hill Learning Solutions.
Human Resources Management
Discussion for Human Resources Management Please use the book for Fundamentals of Human Resources Management, 7th Edition Publisher McGraw-Hill Learning Solutions(Raymond Noe; John Hollenbeck;Barry Ger……) Version P2BS-11. PLEASE DO NOT FORGET THE REFEREFNCES
Throughout this course, many discussion opportunities come up where you need to respond to other people’s opinions and comments. Respond to your Discussion topic after you have completed your reading.
Topic: Pay for Performance Systems
You read about various methods used to reward employees for their individual performance and incentive plans to motivate employees. Based on your Reading, answer the questions below in this Discussion.
1. Describe some of the most significant benefits of a Pay for Performance System.
2. Pay for Performance also has its list of challenges. Discuss the main areas of concern with the implementation of a Pay for Performance System. How can organizations address the negative aspects of this type of system?
3. How can the organization’s manner of creating and carrying out an incentive plan improve the effectiveness of the plan?
Support your response with information from the textbook or other academic source.
How would you respond to Danielle?
Hello class, using a Pay for Performance System has its advantages and its disadvantages. Some of the benefits of using this system is that it encourages workers to do well at work, boosting productivity. It will also help the morale at the work place as well. A worker who knows that they will be getting something for their hard work is more likely to do a better job. A downside to a Pay for Performance is that some people may find a way to cheat the system. Finding a loop hole so that they don’t have to do as much work, but still get the rewards. A way around this is to make sure that there is not a loop hole for them to find. The organization should create a good system that the workers can’t work around. The manner of creating and carrying out an incentive plan is important. The system should be well thought out, and there should be enthusiasm when the system is implemented.
How would you respond to James?
Professor and Class,
Describe some of the most significant benefits of a Pay for Performance System.
There are many benefits to the pay for performance incentive, including it is cost effective. If the employee is working hard, then the company gets more money. So giving the employee the incentive to work harder produces better results to the company. It can also be a motivation boost and increase morale. Some friendly competition never hurt anyone.
Pay for Performance also has its list of challenges. Discuss the main areas of concern with the implementation of a Pay for Performance System. How can organizations address the negative aspects of this type of system?
The biggest hurtle to the pay for performance model is the knowledge of the employee. You have to spend money to get them to a point that they will produce in a manner that makes the company money. Another big con to this is employees getting use to the benefits. It would be a huge downer if the benefit that got them rewarded got taken away.
A way the company can overcome this con is to make it seasonal. Make it around a certain time of year, and make the start and end dates known to all employees.
How can the organization’s manner of creating and carrying out an incentive plan improve the effectiveness of the plan?
The company needs to determine what the rewards will be without making them less appealing to the employee or to much for them to keep it going. It would greatly effect the incentive plan.
Louise Balle, 2017, “Pros and Cons of Pay for Performance” Retrieved from: https://bizfluent.com/info-8553028-pros-cons-pay-performance.html
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Assignment Please use the book for Fundamentals of Human Resources Management, 7th Edition Publisher McGraw-Hill Learning Solutions(Raymond Noe; John Hollenbeck;Barry Ger……) Version P2BS-11. PLEASE DO NOT FORGET THE REFEREFNCES
Assignment: Evaluations, Compensation, and Firm Objectives
The following outcomes are assessed in this Assignment:
MT203-3: Explain how companies link compensation and evaluation to organizational objectives.
GEL-1.02: Demonstrate college-level communication through the composition of original materials in Standard English.
A company’s mission, vision and values must be aligned with the company strategy. Then each of the functional areas of the company have their own strategies that align with the overall company strategy. In this Assignment you will explain how a company can link their compensation and performance evaluations to the organization’s innovation objectives. Read the case study below, and respond to all the checklist items.
Case Study: Evaluations, Compensation, and Firm Objectives
Braintrust Toys is a toy maker that has as its mission, “Our purpose is to expand the minds of children 1 month–100 years old.” Currently they use a product development strategy, but believe that maybe they need to orient their company towards an innovative strategy.
Their current objectives are to:
· Invent 10 new toys every year and reinvent at least 10 more.
· Increase revenues by 15% per year.
· Employ motivated and committed workers.
· Provide safe and intellect expanding toys for everyone.
Braintrust Toys has operated as a medium-sized company for about 20 years. Their compensation to date has been based on longevity at the company. The evaluations were performed by their managers after reviewing their results based on: (1) their influence on increased department product output (75%) and (2) increased department sales (25%) at the end of the year. With the increasingly mechanized and digitized toys, and now robotics involved in toy making, many employees have been let go or offered early retirement due to their obsolescence.
The new objectives in line with the new innovation strategy include:
-Enhance attributes and convenience in at least 20 existing products
-Launch at least 15 new products that appeal to new customers and new markets
-Develop 5 new markets
-Hire personnel that think innovatively
-Hire diverse support personnel and designers who are customer service oriented to support new products and markets
The 200 remaining employees are beginning to worry and feel their compensation and evaluation process needs an overhaul.
· Explain how Braintrust can link their compensation and evaluations to the company’s new objectives and innovation strategy.
· What methods of performance evaluation might they use? Why?
Provide your minimum 2-page (i.e., 500-word) expository essay in APA format with an additional title and references page. Make sure your paper is logical and insightful using correct Standard English spelling and grammar. Ensure there is an introductory paragraph, each paragraph has a minimum of 3–4 sentences, and a closing paragraph is provided.
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Disclaimer: The organization and characters depicted in this exercise are fictional. Any resemblance to real organizations or individuals is purely coincidental.