Question id - 747252

Price 50.00

AnswerA Policy is a predetermined course of action, which is established to provide a guide toward
accepted business strategies and objectives. In other words, it is a direct link between an
organizations Vision and their day-to-day operations. Policies identify the key activities and
provide a general strategy to decision-makers on how to handle issues as they arise. This is
accomplished by providing the reader with limits and a choice of alternatives that can be used to
guide their decision making process as they attempt to overcome problems. I like to think of
policies as a globe where national boundaries, oceans, mountain ranges and other major
features are easily identified. The values of written policies are highlighted as belowBringing Structure
Well-written policies and procedures bring structure to any business, no matter what the size.
"Clients are trying to address this as start a business. By creating policies and procedures,
companies "know what the rules are" and how to measure success or failure of an operational
process, including succession planning, Policies prepare businesses to groom less experienced
staff to guarantee that essential management positions are kept occupied when someone leaves.
Levering Human Capital
For small business owners, these plans ensure that you "leverage your individuals for your own
success. To leverage your human capital, you must have the support of the executive team to
implement the policies to carry those plans out when turnover occurs. An assessment of current
employees skills and knowledge must be conducted.
Operational Success
Small businesses get help creating policies that prepare them for operational success during a
succession process. Typically, small businesses "don't have the financial leadership" and need
help from a firm to create control systems. Additionally, external benchmarking, or examining
external recruitment markets, can also help the company assess what key positions may become
open in the future and create operational procedures to prepare for turnover.
Risk Management
Again, external benchmarking can assess the risk of losing a key individual in a critical role, and
can mitigate the damage caused by turnover. Small businesses also need to figure out who will
succeed executives to minimize the tax effects of transition.
Compliance and Control
By ensuring that policies and procedures are in place for succession planning, businesses can
also ensure they are in compliance with regulatory rules and guidelines. For example,
documentation is required by many guidelines such as for ISO 9000 Quality Management

System, Sarbanes Oxley Accounting and Finance, or Good Manufacturing Practices for the Food
and Drug Administration. But, essentially, succession policies should address control, rather than
simply complying with rules.
So, these are the some major benefits of having written policies.
Question id 702934
SolutionAccording to the formula,
Multifactor Productivity = Quality Produced At Standard Price
Labour Cost + Material Cost + Overhead Cost
Since 3 Employees working at 40 hours per week at $25 per hour, the cost is;
No. of employees x No. of Hours (for each employee) x Hourly Rate
Weekly Salary = 3 x 40 x 25
$3000
Material Cost = $1000
Overhead Cost = $9000
Total Inputs = Weekly Salary + Material Cost + Overhead Costs
Total inputs = $(3000+1000+9000)
Total inputs = $13000
Numbers of ideas identified = 3000
Leads signing up % = 4%
Actual number of customer = lead generated % x Total lead
Therefore,
Actual no. of customer = 0.04 x 3000

120
Fee paid to customer = $70
Quality produced at standard price = 70 x 120

8400
Thus, multifactor productivity is calculated as,

Price 91.80

Multifactor Productivity = Quality Produced At Standard Price

Labour Cost + Material Cost + Overhead Cost

8400
13000

0.64 cases/ dollar

Hence, Multifactor productivity is 0.64 cases/ dollar.