Month: October 2021

high-performance work systems

What Are High-Performance Work Systems(HPWS)?

HIGH-PERFORMANCE WORK SYSTEMS High-performance work systems (HPWS) are a set of HR practices, work structures, and procedures that improve employee skills, knowledge, dedication, engagement, and flexibility. An organization’s operating structures are the most significant notion in HPWS. HPWS is made up of numerous interconnected subsystems that work together to achieve the goals of any business, […]
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strategic planning process

SIGNIFICANCE OF STRATEGIC PLANNING AND A GUIDE TO THE STRATEGIC PLANNING PROCESS

Strategic planning is the process through which organizational leaders define their future vision as well as the organization’s goals and objectives. Strategic planning is a management activity used to set priorities, focus energy and resources, strengthen operations, and ensure that employees and other stakeholders are working towards common goals. Establishing agreements around intended outcomes/results, assess […]
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Process Costing System

UNDERSTANDING THE PROCESS COSTING SYSTEM

PROCESS COSTING Companies use process costing to calculate item costs by tracking the cost of each stage in the manufacturing process rather than tracking expenses for each individual item. They divide the overall cost by the number of products after adding up the costs of all the phases in the process. This is known as […]
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