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Table 14-3 The Following Data Consists of a Matrix of Transition Probabilities

question 30

Multiple Choice

Table 14-3
The following data consists of a matrix of transition probabilities (P) of three office locations (A,B,C) within a large company and how employees shift from one location to the other from year to year.The company CEO would like to understand the movement of employees over time and the long-run proportion of employees in each location.Assume that there is always a total of 3000 employees.
A B C
P = π(0) = [1000,1000,1000]
-Using the data given in Table 14-3,what is the long run number of employees expected in location C?

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Definitions:

Simulation

A method for modeling a real phenomenon with a set of mathematical formulas and algorithms to study its behavior under various scenarios.

Forecasting HR Demand

The process of estimating the future human resource requirement of an organization, based on its business strategy, objectives, and level of operational activity.

Delphi Technique

A method of gathering expert opinions to achieve consensus on a specific issue through a series of questionnaires interspersed with feedback.

HR Demand Forecasting

The process of estimating the quantity and quality of employees that an organization will need in the future to meet its business objectives.