When Forecasting Demand, Industry Comparisons Are Mandatory

question 13

Short Answer

When forecasting demand,
industry comparisons are mandatory.
the company forecasts the number and type of people who will be available for hiring from the labour market at large.
employees are interviewed and asked how long they think they will remain with the company.
employees sign a contract stating the number of years they will stay.
a company must assess trends in past HR usage, future organizational plans, and general economic trends.

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Definitions:

Rational Bidders

Participants in an auction or bidding process who make decisions based on logic and self-interest, aiming to maximize their utility or benefit.

English Auction

A public sales process where ascending bids are placed for a specific item, with the highest bid at the end winning the item.

Rational Bidders

Individuals or entities that make bid decisions in auctions based on an assessment of value, aiming to maximize their utility.

Vickrey Auction

A sealed-bid auction where the highest bidder wins but pays the price bid by the second-highest bidder.