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Chapter 2
101
Chapter 2 Research Methodology
2.1 Review of Literature
2.2 Importance of Study
2.3 Objectives
2.4 Hypotheses
2.5 Scope of the study
2.6 Sources of information
2.7 Techniques and Tools
2.8 Sampling and Sample Composition
2.9 Introduction of sample units
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Chapter 2 Research Methodology
This chapter focuses on the important aspects of methodology used for conducting
this Research . The initial part highlights the important concepts & facts studied from
important areas associated with the concepts of Reward system & Performance
Management. As a beginning of any research is based on the need & importance of
study and this chapter highlights the need and importance of conducting this research .
It also highlights the framework of research with the objectives of Research and the
hypotheses . Also, highlights the structure of Research with introduction to sampling
units and the techniques used for conducting this research.
2.1 REVIEW OF LITERAURE
The appropriate literature on the theme “ Reward system & Performance” is
somewhat lacks in . Nevertheless , there are some literatures which aptly describe the
theme in near sense.
Adams, J.S.. “Inequity in social exchange.” ,NewYork: Academics Press ,( 1965
)pg 264-300.
According to Adams social relationships involve an exchange process where a person
may expect equity in comparison with others .A person’s feeling about the equity of
the exchange is affected by the treatment they receive when compared with what
happens to other people. When there is an unequal comparison of ratios, the person
experiences a sense of inequity. that causes tension which in turn causes the person to
decrease the amount of quality work or working additional hours without pay.
Ajila C and Abiola A “ Influence of Rewards on Workers Performance in an
Organization “ J. Soc. Sci., (2004) ,8(1): 7-12
Extrinsic rewards are those that are external to the task of the job, such as pay, work
condition, fringe benefits, security, promotion, contract of service, the work
environment and conditions of work. Such tangible rewards are often determined at
the top organizational level, and may be largely outside the control of individual
managers. Intrinsic reward on the other hand are those rewards that can be termed
‘psychological rewards’ and examples are opportunity to use one’s ability, a sense of
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challenge and achievement, receiving appreciation, positive recognition, and being
treated in a caring and considerate manner .
Akerele, A.. “Role of labour in productivity.” Nigeria Journal of Industrial
Relation, (1991 )5: 50-58.
Observed that poor remuneration is related to profits made by organization. However,
wage differential between high and low income earners in the same organization was
related to the low morale, lack of commitment and low productivity.
Ali Reena & Ahmed M.Shakil , “The Impact Of Reward And Recognition
Programs On Employee’s Motivation And Satisfaction “ , International Review
of Business Research Papers , (2009)
If more focus is placed on rewards and recognition, it could have a resultant positive
impact on motivation and thus result in higher levels of job performance.
Anderson E, Oliver R. L , “Perspectives on behavior-based versus outcome-
based sales force Control Systems “ , J. Mark. (1987) ,51: 76-88
Employees’ value both intrinsic and extrinsic rewards available in organizational
settings. This presupposes that managers of rewards systems must therefore blend the
two to meet expectations of employees.
Armstrong Michael , “Employee Reward “ , (1996) , p. 569
Employee motivation is one of the most essential parts in a company’s development
and success. In order to maximize the overall performance of the company it is vital
for an employer to understand what motivates the employees and how to increase
their job satisfaction. A well designed and functional reward system is an efficient
way to increase employee work motivation.
Aslam Marwat Zubair , Qureshi Tahir Masood , Ramay Muhammad I “Impact
of human resource management practices on employees performance (A case of
Pakistani Telecom Sector)” Muhammad Ali Jinnah University, Islamabad (2006 )
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Training and compensation are having positive effects on organization and
employee’s performance.
Andrew, D. P. S., & Kent, A. , “The impact of perceived leadership behaviors on
satisfaction, commitment, and motivation: An expansion of the multidimensional
model of leadership.” International Journal of Coaching Science, 1(1) (2007).
Commitment of all employees is based on rewards and recognition.
Baron, R. A , “ Behaviour in organizations “ New York: Allyn & Bacon, Inc. .
(1983).
When we recognize and acknowledge the employees in terms of their identification,
their working capacity and performance is very high. Recognition today is highest
need according to most of the experts whereas a reward which includes all the
monetary and compensative benefits cannot be the sole motivator for employees’
motivation program.
Carnegie, D. , “ Managing through people “ , New York: Dale Carnegie
&Associates, INC
. (1987)
The work of Dale Carnegie focuses on principles of good human relations to
effective management. He highlighted that human capital play very important role in
an organizational effectiveness as compared to financial capital. People are now seen
as the Primary source of a company’s competitive advantage. The most important
motivational aspect of work for people would be money, personal time and attention
from the supervisor as most rewarding and motivational for them at work.
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Deeprose, Donna , “ How to recognize and reward employees “ , New York:
AMACOM Greenfield, (1994) ( p. 26)
Posits the view that effective reward management can help an organization to achieve
its business objectives by attracting and retaining competent people. She quoted that “
It’s not the money , but unique , value-based rewards that differentiate
employers of choice”. The reward management system can therefore be seen as a set
of relationships between the various reward management processes and the corporate
strategy. Rewards have to be a combination of monetary as well as non-monetary
rewards. The monetary rewards are crucial to any employee reward system, because
money is a strong motivator. People render their services to a corporate organization
in return for monetary payment. Therefore, the importance of financial rewards
cannot be undermined.
Drucker, P.F. , “ The coming of the new organization “ Harvard Business
Review, 66 (1), 45-53. (1988)
The development of systems of rewards, recognition and career opportunities is one
of several critical tasks of management in the information-based companies.
Flamholtz M , “ The two authority structures of bureaucratic organization “ ,
Admin. Sci. ,(1996) ,13: 211-228
The design and management of rewards is very critical to the survival of the any
organization, as if properly designed, reward systems can lead to desirable behaviour
for an organization & if incorrectly designed or administered, reward systems can
lead to gradual deterioration of an organization if not its abrupt demise.
Freedman, M. S. , “Some Determinants of Compensation Decisions “ The
Academy of Management (1978).
When effective rewards and recognition are implemented within an organization,
favorable working environment is produced which motivates employees to excel in
their performance. Employees take recognition as their feelings of value and
appreciation and as a result it boosts up morale of employee which ultimately
increases productivity of organizations .
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Flynn, G , “ Is your recognition program understood? “ Workforce, 77(7), .
(1998).
Rewards and recognition programs keep high spirits among employees, boosts up
their morale and create a linkage between performance and motivation of the
employees. The basic purpose of recognition and reward program is to define a
system to pay and communicate it to the employees so that they can link their reward
to their performance which ultimately leads to employee’s job satisfaction .
Gomez-Mejia, L.R. and Balkin, D.B. “Compensation, Organizational Strategy,
and Firm Performance “ , Southwestern Publishing Company, College Division,
Cincinnati, OH, (1992)
Contend that the old model of compensation (with pay structures based on job
analyses, descriptions, specifications, and classifications) is no longer effective in
today's business environment. They conclude that modern organizations must align
their reward system practices with their organizational strategy in order to achieve
higher levels of performance at both the individual and organizational level.
Griffeth M Sur H, Mumcu G, Soylemez D, Atli Y, Idrim C “Factors affecting
Dental Job satisfaction, Evaluation and the Health “ , The Haworth Press , (2000
), 27: 152-164.
Noted that pay and pay-related variables have a modest effect on the exit of
employees. Their analysis also included studies that examined the relationship
between pay, a person’s performance and exit. They concluded that when high
performers are insufficiently rewarded, they quit.
Hansen F, Smith M, Hansen RB , “Rewards and recognition in employee
motivation: effective compensation programs must distinguish between rewards
and recognition. Compensation & Benefits Review “ (2002)
Monetary/tangible rewards will have little impact on behaviour without the intangible
positive reinforcers (eg. managerial praise, public/peer recognition, thank-you notes,
etc.)
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Houran James , Kefgen Keith “ Money & Employee Motivation “ Mineola NY ,
(2000)
Companies must balance financial considerations with other non-financial
reinforcements to maximize job quantity and quality.
Ivana Nacinovic, Lovorka Galetic, and Nevenka Cavlek “Corporate Culture and
Innovation: Implications for Reward Systems “ , World Academy of Science,
Engineering and Technology , ( 2009)
Reward system is an important ingredient in managing innovation in a company.
Different features of the reward system can stimulate different aspects of innovation
within a firm. Only smaller investments into reward system could result in higher
level of innovation and improved company performance.
Jishi Hala Abdulhadi Al , “Motivation & its effects on performance “ , Open
University Malaysia , ( 2009 )
Motivated employees help organizations survive as motivated employees are more
productive. To be effective, managements need to understand what motivates
employees within the work they perform, and to recognize motivation and
performance; to find out motivation effects on employee performance.
John Bratton and Jeffrey Gold, Human Resource Management, 3rd ed.,
Hampshire: Palgrave Macmillen, 2003, p.276.
Reward refers to all of the monetary, nonmonetary and psychological payments that
an organization provides for its employees in exchange for the work they perform .
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Kreitner J (1988) Relation of leader consideration and initiation structure to R
& D subordinates’ satisfaction. Admin. Sci. Q. 16: 19-30
Argues in support of Maslow’s position that managers must take time to understand
the needs of employees on individual basis especially during challenging times. He
points out that managers have the responsibility to create a proper climate in which
employees can develop to their fullest potential.
Kunz and Pfaff ( 2002) Agency theory, performance evaluation and the
hypothetical construct of intrinsic motivation, Account. Organ. And Soc. 27: 275-
295
It is widely held view that in general, employees’ value both intrinsic and extrinsic
rewards available in organizational settings 1987). This presupposes that managers of
rewards systems must therefore blend the two to meet expectations of employees.
Kurt Verweire, Integrated Performance Management: A Guide to Strategy
Implementation, London: GBR: Sage Publications, 2004, p.216.
Reward refers to all forms of returns – direct and indirect, short-term and long-term,
financial as well as non-financial – that employees receive as part of their
employment relationship .
La Belle, J.E. , “The paradox of safety hopes and rewards: are you rewarding the
right behaviour? “, Professional Safety, (2005 ) ,pp. 37-39
Advocated that different individuals have different perceptions of rewards . For
instance, some individuals may consider being recognized by their leader as more
rewarding than financial incentives.
Lawler, E.E.. “The effects of performance of job satisfaction.” Industrial
Relations, (1985 )7: 20-28
Emphases satisfaction of the employee depends on the amount received and the
amount the individual feels he or she should receive. Also what others collect
influences employees satisfaction and that the employee’s satisfaction with both
intrinsic and extrinsic rewards received affects overall job performance. He also
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observed that, people differ widely in the rewards they desire and in the value they
attach to each. And concluded that, many extrinsic rewards satisfy only because they
lead to other rewards. All these observations suggest the need for a diverse reward
system.
Liew Chai Hong and Kaur Sharan , “A Relationship between Organizational
Climate, Employee Personality and Intention to Leave” , International Review of
Business Research Papers , (2008)
Management should form an organization that promote positive organizational
climate which includes well-defined job responsibilities and policies with flexible
structure, fair and equitable rewards system as well as a supportive and friendly work
atmosphere.
La Motta, T , “Recognition: The quality way “ New York: Quality Resources. .
(1995).
The level of motivation of employees increases when employees get an unexpected
increase in recognition, praise and pay .
Micheal Armstrong, Employee Reward, 3rd ed., London :CIPD, 2003, p.8.
Total reward is all of the available tools of employer’s, that may be used to attract,
retain, motivate and satisfy employees. It is an approach to providing a ‘package’ of
reward to employees in ways that optimize employee satisfaction with reward from
their work, and which does this in such a fashion that the employees’ contribution to
the employer is optimized at an acceptable cost .
Pratheepkanth Puwanenthiren , “Reward System And Its Impact On Employee
Motivation In Commercial Bank “ , Global Journal of Management and
Business Research , Global Journals Inc. (USA) ,( 2011)
When the employees needs are fulfilled satisfactory through reward system, the
employees Consistency achieved increases.
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Pushpakumari M. D “The Impact of Job Satisfaction on Job Performance :An
Empirical Analysis “ ,( 2008
Satisfied employees have positive attitudes regarding their jobs. Satisfied workers are
tend to attend to work on time, more concern about the given targets, work speedily,
work free of errors
and omissions, loyalty and commitment to the job, less dependability, suggest new
ideas, tend to
improve knowledge, willing to accept more responsibility, obedience of rules and
regulations, less absenteeism and effort to retain in the present job. The positive
attitudes will increase the quality and quantity of employees’ performance.
Rahim Gul & Alamzeb, “A Survey on impact of compensation of employees
performance”
Compensation management has a direct relationship with employee motivation and
performance. Extrinsic benefit plans plays a delight role in perception of an employee
towards its organization and its work. And these factors play the role of satisfiers.
Extrinsic compensation has a profound impact upon an employee’s loyalty and an
organization’s turn over. Extrinsic compensation plays the role of motivators for the
employees and associates them with their job and organization.
Ramakrishna , “ Get the basics right.” . (2002)
Recognizing contributions of employees will result in a world class working
environment that motivates and propels people to work better and stay on.
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Richard S. Allen , Ralph H. Kilmann “The role of the reward system for a total
quality management based strategy “ , Journal of Organizational Change
Management , MCB UP Ltd , (2001)
The use of extrinsic reward practices including profit sharing, gain sharing,
employment security, and comp time exhibited a significantly positive moderating
effect on the relationship between TQM and perceived firm performance .
Risher H., “ The end of jobs: planning and managing rewards in the new work
paradigm. Compensation & Benefits Review “ ( 1997 )
Most workers want their contributions recognized and when management recognizes
their value they respond by increasing their commitment .
Roberts R.L. “ Relationship between rewards, recognition and motivation at
insurance company in the Western Cape “, University Of The Western Cape ,
(2005)
Organizations are under constant pressure to enhance and improve their performance
and are realizing that relationship exists between organizational Performance and
employee performance Reward management as: “the process of developing and
implementing strategies, policies and systems which help the organization to achieve
its objectives by obtaining and keeping the people it needs, and by increasing their
motivation and commitment.”
Rose Tim and Manley Karen , “An Integrated Framework to Assess Financial
Reward Systems in Construction Projects” , Estes Park, Colorado , (2011 )
Highlight the importance of situating financial reward systems within a
complementary suite of interrelated project procurement initiatives that promote the
recognition of high performance. As without a supportive environment based on trust
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and fairness, contract agents may perceive the intention of a reward system as
potentially calculative, and thus, will be less likely to be motivated to pursue its goals.
Sharma Ram Phool and Mehlawat Seema “Impact of human resource
management strategies and business strategies in Indian banking sector
“Institute of Management Studies and Research , (2011)
Those banks which have promoted the Human Resource Management strategies and
Business Strategies in the field of Promotion, Training, Reward System , Productivity,
Job Security and Placement are performing better in the present time.
Steers A and Porter J (1983) An empirical test of the consequences of behavior-
and outcomebased sales control system, J. Mark. 58: 53- 67.
Failures to provide a healthy climate to employees would theoretically increase
employee frustration and could result in poorer performance, lower job satisfaction,
and increased withdrawal from the organization .
Taljaard Jacob Johannes,” Improving job performance by using non-monetary
reward systems to motivate low-skilled workers in the automotive component
industry” , S Perks , (2003)
Non-monetary rewards play as important a role in reward schemes as monetary
rewards. Remuneration packages should integrate monetary rewards to satisfy
the basic needs of employees.
Thomas B. Wilson , “ Innovative Reward Systems for the changing Workplace
“ , ( 2002)
Gaining an employee’s satisfaction with the rewards given is not a simple matter.
Rather, it is a function of several factors that organizations must learn to manage .
Feelings of satisfaction or dissatisfaction arise when individuals compare their input -
job skills, education, effort, and performance - to output - the mix of extrinsic and
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intrinsic rewards they receive. Also overall satisfaction results from a mix of rewards
rather than from any single reward.
Tripathy, Kumuda., “ A study on the worklife of BPO employees and the various
human resource practices in a BPO - A case study “ (2006)
Strategies like building a high degree of recognition value into every reward offered,
reducing entitlements and linking as many rewards as possible to performance,
troubleshooting the reward system to make sure that what it is rewarding is what you
really want to happen, rewarding promptly, giving employees a choice of rewards,
increasing the longevity of rewards will motivate the employees.
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Factors affecting Job Satisfaction
Fig . 2.1
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Greenberg, 2009; Elton 2007
Some of the factors that are employed to engage and retain employees include; a
culture of respect, mentoring and feedback, professional and advancement
development, appropriate reward, effective leader-ship, job expectations, tools to
finish work responsibilities and finally, motivation .
(Herriot et al., 1996).
The banking sector has seen widespread developments triggered in the Indian and the
world economy such as changes in the market, the intensification of competition with
the entry of private and foreign banks and the developments in information
technology. The developments in the economy have changed the employment
relationship in banks, which is at present characterized by the absence of loyalty,
commitment and life-long employment .
Reynolds & Beatty (1999) add that the relationship established between the
employees and the customers may lead to an increase in value perception with regards
to the bank’s products and services. When a high perception of value is achieved, then
it is also highly likely that the customer will be satisfied, thereby bringing in more
business for the bank. Private Banks have created innovative systems of rewarding
their employees with liberal bonuses and other forms of incentives.
2.2 IMPORTANCE OF STUDY
The liberalization of our economy, stable democracy and rule of law and flexible
investment code has created a safe environment for businesses to thrive. Indeed, the
banking sector has responded positively leading to an unprecedented increase in the
number of banks in the country .The upsurge in the number of banks has led to a
fierce competition for the available and potential customers and the right mix of
personnel to attract these potential customers. In their bid to maintain and attract the
right managerial personnel, there is the need to use subtle tools as an edge over other
competitors. One such tool is the reward system. Reward systems are often used to
motivate employees to greater performance.
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2.3 OBJECTIVES
• To determine which factors contribute to work motivation
• Investigate and analyze how well the current reward system of private banks
helps generate employee motivation
• Comparison of reward system prevalent in banks
• To determine if there is a relationship between reward and employee
motivation
• Comparing the performance level of bank employees
• To determine the impact of rewards on performance.
• Which aspects of the reward system functions well, and which aspects could
be further developed and improved in order to increase employee satisfaction
• Outline the rationale behind different compensation packages
2.4 HYPOTHESES
There is a positive impact of reward system on performance of employees in private
sector banks.
2.5 SCOPE OF THE STUDY
The study presented in this research is part of a larger research project aimed at
identifying the best practices for rewarding employees for an enhanced performance.
The continuous existence of any organization depends to a greater extent on the mix
of human resource of the organization , the corporate philosophy and the reward
system prevailing in that organization. This study is been proposed to be conducted at
individual level rather than corporate level as rewards concerned with individuals & is
extended to employees of ICICI Bank & AXIS Bank, to see how many ‘subscribed’
to the ideas proposed, thus providing further proof whether these ideas were the right
approach to achieving performance excellence in the future.
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2.6 SOURCES OF INFORMATION
For the research study ICICI Bank & AXIS Bank have been selected from the
Universe .
2.7 TECHNIQUES AND TOOLS
• Questionnaire cum interview method was for collection of data. A
questionnaire with close ended and open ended questions was formulated
according to the set objectives.
• Primary Source:
o By interviewing the employees from HR department and
executives at top level regarding employees’ performance,
expectations & satisfactions with the given jobs.
o Employees were questioned to study the impact of current
reward System on employee performance & motivation and
ultimately on the performance of the organization.
According to De Beer (1987) the nine dimensions of a questionnaire which are as
follows:
1. Work content probed the respondents’ feelings about the type of work they do.
2. Payment probed respondents’ satisfaction with their salaries.
3. Promotion probed for the opportunity that the organization offers for promotion.
4. Recognition probed whether the respondent was receiving the recognition and
feedback for the jobs they perform.
5. Working conditions were probed as the fifth factor and looked at opportunity to
mix with colleagues and interpersonal relations.
6. Benefits looked at whether the benefits such as pension, medical schemes and leave
were satisfactory.
7. Personal probed the respondents’ feelings towards their job.
8. Leadership or supervision probed the level of satisfaction with the manager.
9. General probed if the respondents’ had considered alternative employment, and
hence their level of satisfaction with the organization.
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Five point Likert scale was used in questionnaire, consisting of scale that has five
different options: 1 for strongly disagree to 5 for strongly agree. The respondents’
scores for each construct were obtained by summing across all the item scores of the
individual variables. The questionnaire was developed taking the main problem
into consideration . The questions were selected to address that reward system
successfully motivates employees and improve job performance in the Private Banks.
The questionnaire (see Annexure A) was divided into two parts:
1. The biographical questions were designed to elicit information on the
differences in demographic profile of respondents.
2. The second part of the questionnaire was aimed at determining the
respondents’ opinion on the influence of monetary & non-monetary rewards
on motivation and job performance.
Interview with key employees and HR Managers was conducted to find an idea into
the prevailing Reward System in Banks and what needs should be taken into
consideration when developing a reward structure. Through Interview method , focus
was given on gathering information for the employees motivation with Reward
System & their level of performance in the Organization. ( Personal Interview
Questions – Annexure B ) .
• Secondary Sources:
o Survey of Literature regarding Company Policies and Future Plans.
o Information on Internet about the company and related companies.
o Information sharing through discussion forums in Internet for various HR
issues .
o Books, Journals , Articles and magazines
o Annual Reports
o Comparison of Business Rankings
• Analysis of Data : Data collected from Questionnaire and interview
schedules was categorized and tabulated and analyzed with the help of various
statistical measures. In the process of analysis, relationships or differences
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supporting or conflicting with original hypotheses was subjected to tests of
significance to determine the validity to indicate any conclusion(s).
2.8 SAMPLING AND SAMPLE COMPOSITION
The study is designed to be conducted on the representation basis & sample units
were selected randomly .Sample size comprised of 150 employees in Supervising
Staff ( Managerial Grade ) from different Branches of ICICI Bank in Rajasthan &
150 employees in Supervising Staff ( Managerial Grade ) from different Branches
of AXIS Bank in Rajasthan .
Prior to collection of the final data for the study, questionnaire was pre-tested for its
easy understandability, accuracy and validity to gather all the information needed for
the study. Pilot study was carried out on in small size of data to check its validity and
the satisfaction of purpose to be solved . The data gathered from the pilot study was
analyzed and required corrections were made to prepare the final questionnaire.
Computer software, the Statistical Package for the Social Science (SPSS) as well
as Microsoft Excel was used to analyze the data to obtain descriptive statistics
mainly in the form of frequencies and percentages.
2.9 INTRODUCTION OF SAMPLE UNITS
Bank AXIS Bank ICICI Bank
Category Supervising Staff ( Managerial Grade )
Supervising Staff ( Managerial Grade )
No. of Employees 150 employees 150 employees
Total 300 Employees
Description of Sample Units
Figure. 2.2
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Newsletter
• Analysing Likert Data , Journal of Extension , April 2012 // Volume 50 //
Number 2 // 2TOT2
• Likert items and scales of measurement , SHIKEN: JALT Testing &
Evaluation SIG Newsletter. March 2011. 15(1) 10-14.
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