MAN 6635 Final Exam Question and answers 100% correct

MAN 6635 Final Exam Question and answers 100% correct Forecasting supply & demand - correct answer Consider what global forces in the near future that might affect the supply of or demand for labor Forecasting Demand - correct answer Consider how much labor will we need Benchmarking, statistical methods, subject matter experts (educated guesses) Forecasting Supply - correct answer Consider how much labor will we have Requires us to anticipate how people will move up through (and out of) the company. We do this using a Transitional Matrix. Also requires us to examine our business environment by asking these questions: What's the unemployment rate? Is that likely to change? What is the overall size of our labor pool? Are people training for the jobs for which we anticipate vacancies? Surplus vs. shortage in supply and demand forecasting - correct answer Comparing the results of demand and supply forecasting tells us whether we're likely to have a surplus or a shortage. Depending on which one we forecast, we plan to implement various strategies for creating equilibrium. Methods for correcting a surplus - correct answer Downsize Reduce pay