Question

ILLUSTRATION 18
A factory having the latest sophisticated machines wants to introduce an incentive
scheme for its workers, keeping in view the following:
(1) The entire gains of improved production should not go to the workers.
(ii) In the name of speed, quality should not suffer.
(ii) The rate setting department being newly established are liable to commit mistakes.
You are required to devise a suitable incentive scheme and demonstrate by an
illustrative numerical example how your scheme answers to all the requirements of the
management​

Answer 1

Answer:

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