Exam 7: Building Market-competitive Compensation Systems

The R² statistic tells us how well the variation in the company's valuation of jobs based on job evaluation points explains the variation in market pay rates from the compensation survey.What does it mean when the R² = 1?

Companies pursuing a differentiation strategy are most likely to use which pay level policy?

Compensation surveys are typically focused on which two factors?

This causes compensation survey data to become obsolete fairly quickly.

XYZ Inc.pursues a low-cost strategy in its industry and generally needs lower skilled employees.As a result,their management team decided to establish a compensation policy that pays less than the marketplace.In recent years,the company became susceptible to labor shortages and high turnover.Which kind of pay level policy does XYZ Inc.follow?

________ is defined as an in-depth examination of the external and internal environmental factors that are likely to have the greatest impact on the future of the company.

________ refers to a group of two or more jobs that are based on similar work characteristics,duties,and responsibilities.

In statistical analysis,which of the following is used to signify extreme observations?

________ represent the fields of potentially qualified candidates for particular jobs.

What is an appropriate pay policy mix?

In the regression analysis formula,what does the X represent?

The ________ is the most commonly used method for tracking cost changes throughout the United States.

Compensation professionals integrate the internal job structure with the external market pay rates identified through compensation surveys,and this integration reveals which of the following?

Which of the following are reference points against which jobs within the company are judged?

Which of the following are the three measures of dispersion?

The market ________ policy distinguishes a company from competition by compensating employees less than most competitors.

Market lag policies are generally set to which quartile in the salary survey?

________ allow compensation professionals to describe the distribution of data based on four groupings.

The ________ is the middle value in an ordered sequence of numerical data.

The Consumer Price Index represents the average price changes for the price of goods and services in how many regions?