There are a variety of factors that can affect the overall performance rating of an individual. Aguinis (2019) defined two methods—judgmental and mechanical—for reaching an overall score, and states that the mechanical approach is preferable in most cases, particularly if performance objectives are not weighted.
Review “Case Study 6-1: Judgmental and Mechanical Methods of Assigning Overall Performance Score at The Daily Planet” at the end of Chapter 6 in the Performance Management textbook.
First, use the judgmental method to come up with Kuhn’s overall performance score.
Next, compute Kuhn’s overall performance score using the weights in the table.
Is there a difference in the scores? What are the implications for the employee rated, for the supervisor, and for the organization? Which method would you use and why?
Sample Solution
unemployment correspond to higher levels of inflation and high unemployment corresponds to lower levels of inflation – potentially deflation. Logically, this makes sense as high unemployment would put a downward pressure on prices of goods and reduce inflation. This is because a lack of income makes excess expenditure less permissive. However, in the case of Venezuela, it differs. Venezuela is undergoing extremely high inflation as well as relatively high unemployment rates. When unemployment is high, the supply for labour is traditionally greater than the demand for it, as the number of individuals seeking work significantly exceeds the number of jobs available. Therefore, increasing wages as a means of employers bidding for the service of employees is unnecessary – and so wages remain stagnant during inflation periods. As Venezuela demonstrates, an economy can encounter high inflation alongside low economic growth at one time. Several technical explanations can be proposed with regards to why the country’s economic growth is in deficit. A primary one being the concept of demand-pull inflation which comes about as a result of the demand for goods surpassing the supply available. However, no fundamental increase in aggregate demand was displayed in the case of Venezuela. Instead, the supply fell considerably short. The lack of foreign currency reserves lead to the inability to import fundamental commodities beyond a particular point causing a demand-pull inflation. What’s more, producers increased the prices of their goods and services in order to relay the increased production costs. This is referred to as cost-pull inflation. The lack of ability to secure imports in Venezuela contributed to the rise in production costs. This played a role in the further hindrance of Venezuela’s domestic production (Profolus 2018). Under Maduro’s regulation, the money supply and minimum wage were increased, in attempt to manage consumer spending capabilities, as already discussed. The monetary explanation – is partially applicable when trying to understand the causes of Venezuela’s hyperinflation and it states that the idea of excess money supply with the same amount of goods leads to the decrease in value of a currency.>
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