Workforce Planning and Talent Management Module 4 - Types of HR Forecasting

Question 1

What is HR Forecasting?

Answer 1

Ascertaining the net requirement for personnel by determining the demand for, and the supply of human resources, both now and in the future.

Question 2

What is transaction-based forecasting?

Answer 2

Focuses on tracking internal changes instituted by the organization’s managers.

Question 3

What is event-based forecasting?

Answer 3

Forecasting that is concerned with changes in the external environment.

Question 4

What is process-based forecasting?

Answer 4

Focuses on the processes used that impact the flow of work.

Question 5

What is the time horizon for current forecasts?

Answer 5

Immediate operational needs, up until the end of the current operating cycle, or a maximum of one year into the future.

Question 6

What is the time horizon for short-run forecasts?

Answer 6

HR requirements for the next 1-2 years.

Question 7

What is the time horizon for medium-run forecasts?

Answer 7

HR requirements for the next 2 - 5 years.

Question 8

What is the time horizon for long-run forecasts?

Answer 8

More than 5 years into the future.