ENTREPRENEURSHIP

Detailed explanation-1: -It is a quantitative demand forecasting technique. It presupposes that a linear relationship exists between one or more independent variables, which are predicted to affect the dependent variable. For instance-future HR demand for personnel.

Detailed explanation-2: -Quantitative Demand Forecasting Quantitative forecasting methods involve looking at the existing data for a particular company, like financial reports, sales, revenue figures, and website analytics. A company can then apply this data using statistical modeling and trend analysis to gauge future activity.

Detailed explanation-3: -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-4: -The most important techniques for forecasting of human resource supply are Succession analysis and Markov analysis. Once a company has forecast the demand for labour, it needs an indication of the firm’s labour supply.