The HR Personnel and Line Managers from the Specific Region

question 8

Multiple Choice

The HR personnel and line managers from the specific region in Australia met to forecast the future personnel needs of their bakery stores.After meeting and discussing this topic they came to an agreement about the organisation's future staffing requirements.This is an example of:

• A) trend projection
• B) the Delphi technique
• C) the nominal group technique
• D) demand forecasting

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Definitions:

Economic Profit

The profit from undertaking an activity after subtracting both the explicit and implicit costs associated with that activity.

Implicit Costs

Expenses that do not involve a direct monetary payment but represent the opportunity cost of using resources owned by the company or individual.

Average Cost of Production

The total cost of production divided by the quantity of output produced, indicating the cost to produce each unit of output.

Total Profit

The net profit a company earns, calculated by deducting all costs from its total income.