Which of the Following Best Describes Forecasting Human Resources Needs

question 77

Multiple Choice

Which of the following best describes forecasting human resources needs?

• A) It is scientific and relatively error-free.
• B) It is difficult and should only be done on rare occasions.
• C) It should rely strictly on quantitative approaches, which utilize sophisticated analytical models.
• D) It estimates the number and type of people that are needed to meet organizational objectives.

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Definitions:

Price Elasticity

An assessment of the responsiveness of product demand to changes in its pricing.

Demand Coefficient

A parameter in demand analysis that measures the sensitivity of the quantity demanded of a good to changes in its price or other factors.

Quantity Demanded

The complete quantity of a product or service that customers are prepared and able to buy at a given price.

Elasticity Coefficient

A numerical measure of how much the quantity demanded or supplied of a product changes in response to a change in its price, income level, or other factors.