GENERAL KNOWLEDGE

Detailed explanation-1: -Human resource planning is the process of forecasting a firm’s future demand for, and supply of the right type of people in the right number. Human resource planning is also called manpower planning.

Detailed explanation-2: -Human Resource Planning (HRP) is the process of forecasting the future human resource requirements of the organization and determining as to how the existing human resource capacity of the organization can be utilized to fulfill these requirements.

Detailed explanation-3: -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-4: -HR forecasting is the process of predicting demand and supply-whether it’s the number of employees or types of skills that are needed and available to get the job done. Basic forecasting techniques include: Yearly sales or production projections.