Short-Term and Long-Range HR Demand Forecasts Only Provide Half of the Staffing

question 12

True/False

Short-term and long-range HR demand forecasts only provide half of the staffing equation by answering the question "How many employees will we need?"

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Definitions:

Competition

Rivalry among business firms for resources and customers.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service more efficiently than its competitors when using the same amount of resources.

Opportunity Cost

The benefit that is missed or given up when choosing one alternative over another.

Comparative Advantage

Comparative advantage occurs when a country can produce a good at a lower opportunity cost than another country.