What Is Forecasting? Describe One Method Each for Forecasting Labor

question 17

Essay

What is forecasting? Describe one method each for forecasting labor demand and supply.
The attempts to determine the supply of and demand for various types of human resources to predict areas within the organization where there will be labor shortages or surpluses is referred to as forecasting.An organization might use trend analysis to predict labor demand,constructing and applying statistical models that predict labor demand for the next year,given relatively objective statistics from the previous year.These statistics are called leading indicators -objective measures that accurately predict future labor demand.Analyzing transitional matrix is a statistical procedure that can be used for analyzing labor supply.This is a chart that lists job categories held in one period and shows the proportion of employees in each of those job categories in a future period.It answers two questions: "Where did people who were in each job category go?" and "Where did people now in each job category come from?"

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Definitions:

Data Type

A classification specifying the type of data that can be stored and how it can be treated, such as integer, float, string, or Boolean.

Customer's Name

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Record

An official document or entry that captures and preserves information or data.

Table

A structured arrangement of data or information, typically in rows and columns, making it easy to read and understand.