Forecasting and Planning

Question 1

Firm’s human capital needs

Answer 1

Demand

Question 2

Who is available to fill firm’s needs

Answer 2

supply

Question 3

4 Phases of HR Planning

Answer 3

1. Data- Gathering, analyzing, and forecasting to develop supply and demand
2. Establish HR objectives and policies- gain approval from top management
3. Design and Implement plans and action programs
4. Control and Evaluate Plans and programs

Question 4

Common Demand Forecasting Techniques

Answer 4

Judgmental and Statistical

Question 5

Judgmental Forecasting Techniques

Answer 5

Managerial Estimates
Delphi technique
Nominal Grouping Technique

Question 6

Statistical Projections

Answer 6

Simple Linear regression
Multiple linear regression
Productivity Ratios
HR Ratios
Time Series Analysis
Stochastic Ratios

Question 7

Judgmental Supply Techniques

Answer 7

Replacement Planning

Succession Planning

Question 8

2 Types of Action programs

Answer 8

Attraction- Increases supply

Reduction- decreases supply

Question 9

Included in redundancy planning

Answer 9

outplacement counseling, buyouts, job skill retraining, job transfers, unions

Question 10

Importance of HR Planning

Answer 10

Execute business strategy
Determine future staffing needs
Competitive advantage

Question 11

Replacement Planning

Answer 11

Short-term

Back up to keep operations running

Question 12

Succession Planning

Answer 12

Long-term

Continuous development of talent

Question 13

Increase the supply of the right employees

Answer 13

Attraction

Question 14

Designed to decrease the number of employees

Answer 14

Reduction