Measuring Productivity
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I have a time series set of data of employees in the motor vehicle industry from 1972-2001 (in thousands) as well as average weekly hours of employees in the motor vehicle industry and also motor vehicle output (in billions of dollars). I need to measure productivity, as either output/unit of labor or else output/hour, but I need to know how I should exactly calculate this, if it is measured in dollars or? and how to calculate it for the best measure of productivity?
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Solution Summary
This solution looks at how to measure productivity based on a time series of data.
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The first calculation would be to get the total number of labor hours for each year:
1,000 * [Number of employees (in thousands)] * [Average weekly hours] * [52 weeks/year] = Total number of hours during the year.
Divide the motor vehicle ...
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