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3 years ago

Describe how total job benefits and total employee compensation differ.

Mathematics

2 answers:

mylen [45]3 years ago

7 1

Explanation:

While employee compensation and job benefits are the terms that might overlap in meaning, they are usually understood to recognize two different ideas of remuneration.

Employee compensation implies or refers to the salary, annual incentives and longer term incentives like stock options and other equity compensation that he/she works for.

Job benefits as it is defined in ERISA (US law), implies health and welfare plans and pension plans, such as savings and paid time off.

Other benefits include: housing paid by the employer, with or without free utilities; insurances (health, dental, life etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and non-paid); social security etc.

Compensation is purely the monetary aspect.

Benefits are the non-monetary items like heath insurance, even if you have to pay for it partly out of your own pocket.

Naddika [18.5K]3 years ago

6 0

Total compensation<span> is everything the company provides an </span>employee<span> in exchange for </span>working<span>. It includes base salary, bonuses, </span>benefits, perks and on-site amenities.Total compensation<span> indicates that an </span>employee<span> is making two or three times his base salary.</span>

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1.Famous basketball player Michael Jordan had a free throw percentage of 0.83. (He made 83% of his free throw shots.) Assume tha

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Michael Jordan's Freethrow, the population of the 6 countries and the distribution of the uninsured drivers are illustrations of probabilities

<h3>1. Michael Jordan Freethrow</h3>

The given parameter is:

p = 83% -- the percentage of free throws he made

<u>Probability that he misses his 6th throw </u>

The probability that he misses his 6th throw is:

P = P(He made the first 5 throws) * P(He lost the 6th)

This gives

P = (83%)^5 * (1 - 83%)^1

P = 0.0670

<u>Expected number of miss</u>

The expected number till he misses the first free throw is:

E(x) = np

This gives

E(x) = 6 * 83%

E(x) = 4.98

Approximate

E(x) = 5

Hence, the probability that he misses his 6th throw is 0.0670 and the expected number till he misses the first free throw is 5

<h3>2. Country Populations</h3>

The given parameters are:

Average population = 268.35 million

Standard deviation = 370.43 million

<u>The z-scores for the United States, Egypt, and Mexico</u>

This is calculated as:

z = (x - $\mu$ )/ $\sigma$

So, we have:

US = (332 million - 268.35 million)/ 370.43 million

US = 0.17

Egypt = (104 million - 268.35 million)/ 370.43 million

Egypt = -0.44

Mexico = (128 million - 268.35 million)/ 370.43 million

Mexico = -0.38

<u>The countries from the smallest to the largest </u>

By comparing the z-score of the countries, the order of the countries are:

Egypt, Japan, Mexico, Brazil, United States and India

The countries are ranked that way because the higher the z-score, the higher the population

<h3>3. Uninsured drivers</h3>

The given parameter is:

p = 12.6% -- the percentage of uninsured drivers

<u>Probability that exactly 5 drivers of 30 are uninsured</u>

This is calculated as:

P(x) = nCx * p^x * (1 - p)^(n-x)

So, we have:

P(5) = 30C5 * (12.6%)^5 * (1 - 12.6%)^(30-5)

Evaluate the product

P(5) = 0.1561

<u>Probability that the next uninsured driver is the 7th</u>

This is calculated as:

P = P(First 6 are insured) * P(7th is unisured)

This gives

P = (1 - 12.6%)^6 * (12.6%)^1

P = 0.0562

The probability that exactly 5 drivers of 30 are uninsured is 0.1561, and the probability that the next uninsured driver is the 7th is 0.0562