Job: JE Points Engineering Champion 800 Project Eng Business Partner 675 Researc
ID: 3322116 • Letter: J
Question
Job: JE Points
Engineering Champion 800
Project Eng Business Partner 675
Research Engineer 550
Word Processing Operator 150
Accounting Associate 350
Messenger/Office Aide 100
Research Technician 275
Secretary B 200
Senior Accounting Clerk B 175
Technician A 165
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.984707
R Square 0.969647
Adjusted R Square 0.966612
Standard Error 434.0097
Observations 12
Coefficients Standard Error t Stat P-value
Intercept 315.2066 229.8376 1.371432 0.200227
Job Evaluation Points 10.26771 0.574471 17.87334 6.42E-09
14. Based on your printout what is the best conclusion about the fit between our job evaluation system and market pay?
a. The R-Square of .97 suggests that this is an excellent fit.
b. The P value is a bit lower than we would like suggesting that our job evaluation system does not match market pay well.
c. Our t statistic of 1.37suggests that our model is not statistically significant.
d. The standard error of 229.8 suggests that there is too much error to be useful.
e. Our intercept suggests that some jobs are paid below minimum wage levels
15. Assume that you decided to develop Pay Grade V from 350 to 450 points. What would the range midpoint be?
a. $ 3594
b. $ 3,909
c. $ 4,107
d. $ 4,422
e. $4,936
16. Assume the following: (1) the range midpoint for Pay Grade VI is $5,000 (2) the average pay for all jobs in Pay Grade VI is $5,200, and (3) the average market pay for the jobs in Pay Grade VI is $5,778. What of the following is true?
a. The compa ratio is .90 and the company is paying below its intended pay policy.
b. The compa ratio is .90 and the company is paying above its intended pay policy.
c. The compa ratio is 1.04 and the company is paying above its intended pay policy.
d. The compa ratio is 1.04 and the company is paying below its intended pay policy.
e. None of these.
17. In a knowledge or skill-based pay system, all but which of the following characteristics is true?
a. Workers are paid for being able to perform multiple tasks.
b. The current job an individual is performing determines his or her pay.
c. The greater the variety of job-related skills a worker possesses, the more he/she is paid.
d. The primary objective is to allocate pay based on worker flexibility and capability.
e. skill level is the most important element to consider in setting compensation.
18. Which among the following jobs is an exempt job?
a. An automotive technician at Friendly Ford
b. A plumber for Delong Plumbing
c. An administrative assistant to a department head at Missouri State
d. A Walmart manager.
e. All are exempt.
19. Which of the following statements is true?
a. Professional and highly compensated white-collar employees are considered to be exempt employees.
b. If an exempt employee works fewer than 40 hours in a given week the employer is allowed to reduce her pay.
c. Exempt status depends on job title not job responsibilities and pay level.
d. All individuals paid a salary are consider to be exempt for FLSA purposes.
e. Overtime rates apply only to the base hourly rate and do not include incentives such as piece-rates.
Explanation / Answer
In the data given for the regression analysis conducted between job evaluation points and the market pay, with pay being the response variable, the p-value of 6.42*10-9 for the explanatory variable job evaluation points suggests that the relationship between these two variables is statistically significant.
Also, the R-Square of .97 suggests that this is an excellent fit.
The regression equation developed for this case is:
Pay = 10.27*points + 315.2
When points = 350:
Pay = 10.27*350 + 315.2 = 3909.7
When points = 450:
Pay = 10.27*450 + 315.2 = 4936.7
So,
Range midpoint = (3909.7+4936.7)/2 = $4,422
Hope this helps !
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