Describe the Terms Human Resource Planning and Evidence-Based HR

question 85

Essay

Describe the terms human resource planning and evidence-based HR.How do these concepts help HR in supporting the organization's strategy?

Grasp the concept of low-cost, rapid experimentation for validation of business ideas.

Appreciate the value of validations and learning from prototypes and minimum viable products.

Understand the role of storyboarding and sketches in visualizing and communicating business plans and concepts.

Recognize the importance of feedback and data analysis in refining business ideas.

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Definitions:

Budgeted Cash Receipts

An estimation of the cash a company expects to receive within a certain period, based on projected sales or revenue.

Budgeted Cash Disbursements

An estimate of the total amount of cash an organization plans to pay out over a specified period, including operating expenses and purchase of assets.

Direct Labor Budget

A financial plan that estimates the cost of direct labor required to meet production goals.

Direct Labor-Hours

A measure of the total time workers spend directly manufacturing a product or performing a service.