Performance-Based Incentive Plans

Performance-Based Incentive Plans

Incentive plans are an integral part of management control since incentives as measures of recognition of performance are significant motivating factors for corporate executives. In this paper we describe how such incentive plans can be devised. We employ multiattribute preference theory in the desi...

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Veröffentlicht in:Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 26(1980), 11, Seite 1131-1144
1. Verfasser: Sarin, Rakesh K. (VerfasserIn)
Weitere Verfasser: Winkler, Robert L.
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 1980
Zugriff auf das übergeordnete Werk:Management Science
Schlagworte:Incentives Performance Measures Preference Theory Goals Probabilistic Goals Business Behavioral sciences Economics Social sciences Philosophy Mathematics
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520 |a Incentive plans are an integral part of management control since incentives as measures of recognition of performance are significant motivating factors for corporate executives. In this paper we describe how such incentive plans can be devised. We employ multiattribute preference theory in the design of incentive plans. The basic idea is to state empirically verifiable conditions on the decision maker's preferences that imply some particular form of the incentive function. First, we show how an incentive plan can be devised when incentive compensation to managers is based on their actual performance on some predetermined criteria. Next, we consider goal-based plans that encourage managers to set accurate goals and motivate them to strive for a better performance subsequent to goal setting. Finally, we extend the goal-based plans to include situations in which the goals are reported probabilistically. Several suggestions for further research are also provided. 
540 |a Copyright 1980 The Institute of Management Sciences 
650 4 |a Incentives 
650 4 |a Performance Measures 
650 4 |a Preference Theory 
650 4 |a Goals 
650 4 |a Probabilistic Goals 
650 4 |a Business  |x Business administration  |x Human resources  |x Employee motivation  |x Productivity incentives  |x Incentive plans 
650 4 |a Behavioral sciences  |x Psychology  |x Personality psychology  |x Motivation  |x Personal goals  |x Goal setting 
650 4 |a Business  |x Business administration  |x Business management 
650 4 |a Economics  |x Macroeconomics  |x Aggregate economy  |x Market economics  |x Market share 
650 4 |a Business  |x Business administration  |x Business management  |x Performance management  |x Performance metrics 
650 4 |a Social sciences  |x Communications  |x Negotiation  |x Compromises  |x Tradeoffs 
650 4 |a Philosophy  |x Metaphysics  |x Etiology  |x Determinism 
650 4 |a Mathematics  |x Applied mathematics  |x Statistics  |x Applied statistics  |x Descriptive statistics  |x Statistical distributions  |x Distribution functions  |x Probability distributions 
650 4 |a Mathematics  |x Applied mathematics  |x Management science 
650 4 |a Mathematics  |x Pure mathematics  |x Probability theory  |x Probabilities  |x Probability forecasts 
655 4 |a research-article 
700 1 |a Winkler, Robert L.  |e verfasserin  |4 aut 
773 0 8 |i Enthalten in  |t Management Science  |d Institute for Operations Research and the Management Sciences, 1954  |g 26(1980), 11, Seite 1131-1144  |w (DE-627)320623602  |w (DE-600)2023019-9  |x 15265501  |7 nnns 
773 1 8 |g volume:26  |g year:1980  |g number:11  |g pages:1131-1144 
856 4 0 |u https://www.jstor.org/stable/2631179  |3 Volltext 
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