Wednesday, August 19, 2015

Labor productivity

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Productivity is a measure of efficiency production.
Labor productivity is a measure relating quantity/quality of output to the inputs required to produce it.
The factors that influence the productivity of labor-
i. Technological issues
ii. Organizational settings
iii. nature, Climate of political situation

Measure of labor productivity:
The importance of productivity:
i. The level of labor productivity
ii. Growth rate of labor productivity
iii. Value indication of labor productivity

Physical Measure:
A level of labor productivity may be defined a the products in physical terms, produced per unit of working time. If  "Q" is the total product (finished) of an industry and 'T' is the total working time spent to produce the product, then the ratio -
lp = Q/t  -----(a)
here, lp characterizes the potentiality of manpower/labor which is a measure indicating the level of productivity of an industry.
Alternatively, time spent per unit manufactured product can be used for the level of labor productivity defined as a ratio of total time spent (T) to produced total product (Q).
That  is, lp = T/Q --- (b)
So, the inter-relationship between these two definitions can be set as
a = 1/b 

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