HRM 3430 Study Guide - Midterm Guide: Job Analysis, Organizational Culture, Markov Model

• School: York University
• Department: Human Resources Management
• Course: HRM 3430
• Professor: Althea Gordon

Document Summary

Forecasting (net requirements for personnel by determining the demand & supply of. Hr now & in the future) it"s the heart of hrp ->approximates the future, needs qualitative & quantitative methods, using many methods improves the accuracy. Hrp is key; it balances work needed vs workforce performing tasks, helps with inefficiencies & low productivity, employees become bored, unmotivated & counterproductive. Transactional forecasting = tracks internal change instituted by managers (e. g; introducing new products needs new workers for new production line) Event forecasting = looks at changes in external environment (e. g; competitor introduces new product, making your product obsolete & not needing a production line) Process forecasting = not focused on specific internal event, but on flow or several activities (e. g; warehouse shipping) Forecasting benefits; lowers hr costs, increase firm"s flexibility, ensures a close link to macro business, ensures requirements priority over issues of resource constraints & scarcity (supply & demand)