Industrial Engineering and Production Management
The time required to complete a task is established and a bonus is paid to the worker for every hour he saves from the established time required. This type of incentive plan is known as

Day work plan
Taylor Differential Piece rate system
Halsey Premium plan
Rowan Plan

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Industrial Engineering and Production Management
Value engineering aims at finding out the

Major function of the item and accomplishing the same at least cost without change in quality
Break-even point when machine requires change
Depreciation value of a product
Resale value of a product

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