Topic 3 Flashcards
What are the two most common forecasting techniques used to project the organization’s demand for human resources?
statistical and judgmental
What are the 4 steps (phases) in the HR planning process? What happens during each step/phase?
Phase 1: Developing Data
Phase 2: Establishing HR Objectives and Policies
Phase 3: HR Programming
Phase 4: HRP Control and Evaluation
What are the six statistical demand forecasting methods?
Simple linear regression
Multiple linear regression
Productivity ratios
Human resource ratios
Time series analysis
Stochastic analysis
What are the three judgmental demand forecasting methods?
Managerial estimate
Delphi technique
Nominal grouping
When should time series analysis be used to forecast demand?
When past data is used to forecast demand
What are the two judgmental techniques supply methods?
Succession Planning & Replacement Planning
When should linear regression analysis be used to forecast demand?
When a variable related to employment, such as sales, productivity, quality, etc. is used to determine labor demand.
When should multiple linear regression be used to forecast demand?
When more than one variable is used to determine labor demand (e.g. sales and quality)
What are the two types of action programs?
Attraction & Reduction (redundancy)
Define replacement planning.
Replacement planning uses charts that show the names of the current occupants of positions in the organization and the names of likely replacements.
Define succession planning.
Succession planning tends to be longer term, more developmental and more flexible.
How does human resource planning can benefit an organization?
- Forecasting human capital needs for the organization
- Helping to execute the organization’s business strategy
- Ensuring the right people, are in the right jobs, at the right time
