What Is the First Element an Organization Needs to Consider

question 54

Multiple Choice

What is the first element an organization needs to consider in deriving its external supply calculation for HR forecasting?

• A) to meet its replacement needs
• B) to consider the change component
• C) to predict attrition and retirements
• D) to forecast HR demand accurately

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Definitions:

Producer Surplus

The difference between what producers are willing to sell a good for and the price they actually receive, representing profit.

Marginal Revenue

Marginal revenue is the additional income generated from the sale of one more unit of a product or service.

Profit Maximizing

The process or strategy of adjusting production and operations to achieve the highest possible profit from business activities.

Economic Efficiency

A situation where resources are allocated in a way that maximizes the production of goods and services at the lowest cost.