Two Mercenary Forecasters Dueled for the Lucrative Surreal Farms Egg

question 7

Essay

Two mercenary forecasters dueled for the lucrative Surreal Farms egg production forecasting job.The farmer provided them with output levels from ten day's production and had them forecast the next ten days.The combatant's forecasts and the actual egg production are shown in the table.Which forecaster was more accurate and should be hired as a result of his performance on this trial?

Discern the varied purposes and functions of HR budgets in forecasting.

Appreciate the complementary nature of quantitative and qualitative forecasting methods.

Understand the concept of HR demand forecasting and various techniques used for forecasting.

Identify the steps involved in the simulation process for forecasting HR demand.

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Definitions:

Systematic Errors

Suboptimal choices that (1) are not rational because they do not maximize a person’s chances of achieving his or her goals and (2) occur routinely, repeatedly, and predictably.

Self-Interested

Acting in a way that is most beneficial to oneself, often used in the context of economic behavior assuming individuals act to maximize their own welfare.

Willpower

The ability to resist short-term temptations in order to meet long-term goals.

Systematic Error

Errors in measurement that are consistent, predictable, and typically caused by faulty equipment or bias, which can lead to inaccuracies in data collection or analysis.