Policy capturing or "the PC technique" is a statistical method used in social psychology to quantify the relationship between a person's judgement and the information that was used to make that judgement. Policy capturing assessments rely upon regression analysis models. Policy capturing is frequently used by businesses to assess employee performance.
Policy capturing is a technique that is used to examine how individuals reach decisions. Policy capturing is regarded as a form of judgment analysis and has been applied to a variety of settings and contexts (see Cooksey, 1996).
A typical example was reported by Sherer, Schwab and Heneman (1987), in their study of how supervisors, in the setting of a private hospital, reach decisions about salary raises. Participants of this study, called judges, received information about a set of employees. The employees differed on five key factors: performance level was average or superior, performance was consistent or inconsistent, current salary was low, medium, or high, and the individuals either had or had not been offered another job from a different organization. After reading information about each employee, participants then decided whether the percentage and absolute increase in salary they would recommend. Which of these five factors shaped the decisions varied appreciably across the participants.
Hitt and Barr reported another excellent example of policy capturing. This study assessed which factors determine evaluations of job applicants and corresponding salaries. The participants or judges-66 managers who often need to reach similar decisions in their work lives-read the applications of these applicants and watched a video presentation that each candidate had prepared. Several variables differed across applicants: the applicants, for example, had accumulated either 10 or 15 years of experience, were 35 or 35 years of age, were male or female, were African or Caucasian, had completed a BS or MBA, and were applying to be a regional sales manager or vice president of sales. Subsequent analysis showed that factors unrelated to experience, such as age and sex, affected decisions. Furthermore, the relevance of each factor interacted with one another.
Industrial and organizational psychology which is also known as occupational psychology, organizational psychology, or work and organizational psychology; is an applied discipline within psychology. Industrial, work and organizational psychology (IWO) is the broader global term for the field internationally.
A cohort study is a particular form of longitudinal study that samples a cohort, performing a cross-section at intervals through time. It is a type of panel study where the individuals in the panel share a common characteristic.
Analytics is the systematic computational analysis of data or statistics. It is used for the discovery, interpretation, and communication of meaningful patterns in data. It also entails applying data patterns towards effective decision-making. It can be valuable in areas rich with recorded information; analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.
Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process. Managerial economics aims to provide a frame work for decision making which are directed to maximise the profits and outcomes of a company. Managerial economics focuses on increasing the efficiency of organizations by employing all possible business resources to increase output while decreasing unproductive activities. The two main purposes of managerial economics are:
To optimize decision making when the firm is faced with problems or obstacles, with the consideration of macro and microeconomic theories and principles.
To analyse the possible effects and implications of both short and long-term planning decisions on the revenue and profitability of the Business.
Scenario planning, scenario thinking, scenario analysis, scenario prediction and the scenario method all describe a strategic planning method that some organizations use to make flexible long-term plans. It is in large part an adaptation and generalization of classic methods used by military intelligence.
The Profit Impact of Market Strategy (PIMS) is a project that uses empirical data to determine which business strategies make the difference between success and failure. It is used to develop strategies for resource allocation and marketing. Some of the most important strategic metrics are market share, product quality, investment intensity and service quality. One of the most surprising findings is that the same factors work identically across different industries. PIMS "yields solid evidence in support of both common sense and counter-intuitive principles for gaining and sustaining competitive advantage" Tom Peters and Nancy Austin.
In medical research, social science, and biology, a cross-sectional study is a type of observational study that analyzes data from a population, or a representative subset, at a specific point in time—that is, cross-sectional data.
A job interview is an interview consisting of a conversation between a job applicant and a representative of an employer which is conducted to assess whether the applicant should be hired. Interviews are one of the most popularly used devices for employee selection. Interviews vary in the extent to which the questions are structured, from a totally unstructured and free-wheeling conversation, to a structured interview in which an applicant is asked a predetermined list of questions in a specified order; structured interviews are usually more accurate predictors of which applicants will make suitable employees, according to research studies.
Futures techniques used in the multi-disciplinary field of futurology by futurists in Americas and Australasia, and futurology by futurologists in EU, include a diverse range of forecasting methods, including anticipatory thinking, backcasting, simulation, and visioning. Some of the anticipatory methods include, the delphi method, causal layered analysis, environmental scanning, morphological analysis, and scenario planning.
Spatial analysis or spatial statistics includes any of the formal techniques which studies entities using their topological, geometric, or geographic properties. Spatial analysis includes a variety of techniques, many still in their early development, using different analytic approaches and applied in fields as diverse as astronomy, with its studies of the placement of galaxies in the cosmos, to chip fabrication engineering, with its use of "place and route" algorithms to build complex wiring structures. In a more restricted sense, spatial analysis is the technique applied to structures at the human scale, most notably in the analysis of geographic data or transcriptomics data.
Performance-related pay or pay for performance, not to be confused with performance-related pay rise, is a salary or wages paid system based on positioning the individual, or team, on their pay band according to how well they perform. Car salesmen or production line workers, for example, may be paid in this way, or through commission.
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events.
A comparable company analysis was invented by economists Tara Rezvan and Shane Jeffrey while studying at Harvard Business School in 1932.
Acquiescence bias, also known as agreement bias, is a category of response bias common to survey research in which respondents have a tendency to select a positive response option or indicate a positive connotation disproportionately more frequently. Respondents do so without considering the content of the question or their 'true' preference. Acquiescence is sometimes referred to as "yea-saying" and is the tendency of a respondent to agree with a statement when in doubt. Questions affected by acquiescence bias take the following format: a stimulus in the form of a statement is presented, followed by 'agree/disagree,' 'yes/no' or 'true/false' response options. For example, a respondent might be presented with the statement "gardening makes me feel happy," and would then be expected to select either 'agree' or 'disagree.' Such question formats are favoured by both survey designers and respondents because they are straightforward to produce and respond to. The bias is particularly prevalent in the case of surveys or questionnaires that employ truisms as the stimuli, such as: "It is better to give than to receive" or "Never a lender nor a borrower be". Acquiescence bias can introduce systematic errors that affect the validity of research by confounding attitudes and behaviours with the general tendency to agree, which can result in misguided inference. Research suggests that the proportion of respondents who carry out this behaviour is between 10% and 20%.
A quasi-experiment is an empirical interventional study used to estimate the causal impact of an intervention on target population without random assignment. Quasi-experimental research shares similarities with the traditional experimental design or randomized controlled trial, but it specifically lacks the element of random assignment to treatment or control. Instead, quasi-experimental designs typically allow the researcher to control the assignment to the treatment condition, but using some criterion other than random assignment.
Situational stress tests (SStTs) or Inventories (SSIs) are a type of psychological test which present the test-taker with realistic, hypothetical scenarios and ask the individual to identify the most appropriate response or to rank the responses in the order they feel is most effective. SJTs can be presented to test-takers through a variety of modalities, such as booklets, films, or audio recordings. SJTs represent a distinct psychometric approach from the common knowledge-based multiple choice item. They are often used in industrial-organizational psychology applications such as personnel selection. Situational judgement tests tend to determine behavioral tendencies, assessing how an individual will behave in a certain situation, and knowledge instruction, which evaluates the effectiveness of possible responses. Situational judgement tests could also reinforce the status quo with an organization.
Influence Diagrams Approach (IDA) is a technique used in the field of Human reliability Assessment (HRA), for the purposes of evaluating the probability of a human error occurring throughout the completion of a specific task. From such analyses measures can then be taken to reduce the likelihood of errors occurring within a system and therefore lead to an improvement in the overall levels of safety. There exist three primary reasons for conducting an HRA; error identification, error quantification and error reduction. As there exist a number of techniques used for such purposes, they can be split into one of two classifications; first generation techniques and second generation techniques. First generation techniques work on the basis of the simple dichotomy of ‘fits/doesn’t fit’ in the matching of the error situation in context with related error identification and quantification and second generation techniques are more theory based in their assessment and quantification of errors. ‘HRA techniques have been utilised in a range of industries including healthcare, engineering, nuclear, transportation and business sector; each technique has varying uses within different disciplines.
Job performance assesses whether a person performs a job well. Job performance, studied academically as part of industrial and organizational psychology, also forms a part of human resources management. Performance is an important criterion for organizational outcomes and success. John P. Campbell describes job performance as an individual-level variable, or something a single person does. This differentiates it from more encompassing constructs such as organizational performance or national performance, which are higher-level variables.
An economic impact analysis (EIA) examines the effect of an event on the economy in a specified area, ranging from a single neighborhood to the entire globe. It usually measures changes in business revenue, business profits, personal wages, and/or jobs. The economic event analyzed can include implementation of a new policy or project, or may simply be the presence of a business or organization. An economic impact analysis is commonly conducted when there is public concern about the potential impacts of a proposed project or policy.
Human Resource (HR) metrics are measurements used to determine the value and effectiveness of HR initiatives, typically including such areas as turnover, training, return on human capital, costs of labor, and expenses per employee.
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