Making a Managment decision Essay Example | Topics and Well Written Essays - 1500 words

Making a Managment decision - Essay Example In such a scenario the performance appraisal tool, if it has been done in a proper manner, could be of significant use in arriving at the right Employees in an organization comprise the human asset of the organization and needs to be managed with as much or greater care than the other assets of the organization. Many a time this aspect of employees is neglected by managers leading to faulty decisions in their appraisals and thereby leading to discontentment. For any performance appraisal to be effective it is necessary that those being appraised understand the standards required of them and against which they re being assessed. This has twin benefits in that the employee understands the process and accepts the managers decisions better an also can then set themselves to try and achieve the standards. Performance appraisals are used quite often just to assist managers in making salary raise decisions. This is likely to affect the regularity of the use of performance appraisals and its utility as a performance enhancing tool. Performance appraisal decisions are quite often found to be subjective and not objective. An example of this is that it is quite likely that the decision of he manager is affected by a single good or bad job done by an employee and fails to see the quality of the rest of the work done over the period. Top down performance appraisal decisions have the risk of being looked as being thrust upon the concerned individual and utilizing peer to peer and upward assessments to encourage greater acceptance among employees provides for better harmony. (Murray, Joanne. Effective Performance Reviews. A Step-by-Step Plan to Make Them More Meaningful). One of the ways of eliminating the likely disregard for the human asset value in an organization by managers is to train them on the value of it and ascertain the success of the

Interpretation of Regression Results Essay Example | Topics and Well Written Essays - 1250 words

Interpretation of Regression Results - Essay Example For the hypothesis to be true, the signs of the coefficients are expected to be positive. The positive coefficient signs would indicate the positive relationship between the independent variables (temperature, humidity, wind and dummy variables) and the dependent variable (bundled load). Coefficients: The signs of all coefficients of variables are positive whereas, that of intercept is negative. The negative value of coefficient of intercept means that the regression line intersects with Y-axis below zero. The positive signs and significant values of coefficients reflect a positive relation between the dependent and independent variables. The value of coefficient of temperature is 47.64. It means that if temperature or x1 variable increases by 1 degree Fahrenheit, the bundled load will increase by 47.64 Megawatt/hour provided all other variables are constant. If humidity increases by 1 percent, the bundled load will increase by 11.52 Megawatt/hour. Similarly, if wind speed increases by 1 mph, the bundled load will increase by 10.15 Megawatt/hour. Moreover, the coefficient of dummy1 is zero, showing no relation between the dummy1 and bundled load whereas; the coefficient of dummy2 is 49.73, showing a positive relation between dummy2 and bundled load. The standard error shows the amount of variability of the data points around the regression line and in this regression analysis, the standard errors for all the variables is very small. The small values of the standard errors show that the data points are closely distributed around the regression line. The value of p is greater than 0.05 for three independent variables including temperature, humidity and wind speed. However, for the dummy1, it is zero and for dummy2, it is less than 0.05. If the p-values for all the variables would have been equal or less than 0.0, then the null