BUSI 4320 Lecture Notes - Lecture 24: Nominal Group Technique, Delphi Method, Markov Chain

• School: Memorial University
• Department: Business Administration
• Course: BUSI 4320
• Professor: Lorne Sulsky

Document Summary

Forecasts: estimates of future resource needs and changes. Nominal group technique: a focused group discussion where members meet face-to-face, write down their ideas, and share them. All new thoughts on a topic are recorded and ranked for importance. Delphi technique: the soliciting of predictions about specified events from a panel of experts, using repeated surveys until convergence in opinions occurs. Extrapolation: extending past rate of change into the future. Indexation: a method of estimating future employment needs by matching employment growth with a selected index, such as the ratio of production employees to sales. Staffing table: a list of anticipated employment openings for each type of job. Skills inventories: su(cid:373)(cid:373)a(cid:396)ies of ea(cid:272)h (cid:449)o(cid:396)ke(cid:396)"s skills a(cid:374)d a(cid:271)ilities. Management or leadership inventory: comprehensive reports of available management capabilities in the organization. Replacement charts: visual representations of who will replace whom when a job opening occurs. Replacement summaries: lists of likely replacements for each job and their relative strengths and weaknesses.