ENTREPRENEURSHIP

Detailed explanation-1: -The job description provides the essential information on which each job is evaluated. Job analysis is a systematic process of collecting all information about the job for preparing of job description and job specification meant to selection of employee, satisfaction in job, and motivation etc.

Detailed explanation-2: -The job ranking method is a job evaluation method that ranks jobs based on their titles and importance. The ranking is determined by the scope of work and overall responsibilities.

Detailed explanation-3: -Job evaluation uses the information in job analysis to determine the value of each job in relation to all the jobs within the organisation. It helps to design a rational wage and salary structure. Ranking Method, Grading Method, Point Method and Factor Comparison method are the various basic methods of job evaluation.

Detailed explanation-4: -Four primary methods of job evaluations used to set compensation levels are point factor, factor comparison, job ranking and job classification.

Detailed explanation-5: -The most widely used method of job evaluation is point rating method. Under it, jobs are divided into component factors. Points or weights are assigned to each factor depending on the degree of its importance in a particular job.