ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Management Judgement
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Delphi
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Nominal Group Technique
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Ratio Trend
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Detailed explanation-1: -Demand forecasting is the process of using predictive analysis of historical data to estimate and predict customers’ future demand for a product or service. Demand forecasting helps the business make better-informed supply decisions that estimate the total sales and revenue for a future period of time.
Detailed explanation-2: -Managerial Judgement: This technique is very simple. In this, managers sit together, discussand arrive at a figure which would be the future demand for labour. The Technique may involve a “Bottom-Up” or a “Top-Down” approach. Ratio-trend analysis: This is the quickest forecasting technique.
Detailed explanation-3: -Judgmental forecasting relies on human experience to predict future business needs. This may be input from sales managers to identify business growth or from production managers predicting worker needs.