ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ratio Analysis technique
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Ratio Trend Technique
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Ratio-Input Technique
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Ratio-Output Technique
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Detailed explanation-1: -HR demand forecasting typically involves the following steps: Analyzing past and current workforce data, including turnover rates, employee performance, and skills inventory. Identifying future business goals and objectives, including growth plans, new products or services, and market expansion.
Detailed explanation-2: -Ratio-trend Analysis This is the quickest HR forecasting technique. The technique involves studying past ratios, say, between the number of workers and sales in an organization and forecasting future ratios, making some allowance or changes in the organization or its methods.
Detailed explanation-3: -Managerial judgement technique is very common technique of demand forecasting. This approach is applied by small as well as large scale organisations. This technique involves two types of approaches i.e. ‘bottom-up approach’ and ‘top-down approach’.