Final answer:
Overtime increases payment for work and helps meet project deadlines, making it a popular choice among economists and the public. It's particularly important in fields like engineering to prevent the loss of revenue and market opportunities. However, it can alter work incentives.
Step-by-step explanation:
Scheduling overtime is a popular choice for getting projects back on schedule for several reasons. One crucial factor is that it can significantly increase the payment received for work, making it popular with both economists and the general public.
This approach is often utilized to meet important deadlines, especially in scenarios where engineers work on multiple projects with different tasks, alongside teams where each member has unique skills and responsibilities. It becomes imperative when missing a deadline could mean losing revenues or market opportunities, such as in the launch of a new product like a video game controller that needs to be ready before a holiday season or ahead of competitors.
However, relying on overtime can also reduce the incentive to work normal hours, as individuals might prefer working fewer total hours for the same or higher income. This impact on worker behavior and choices is an important consideration in designing such programs or policies.