MAN 6635 Final Exam (Already Graded A+)

Forecasting supply & demand correct answers Consider what global forces in the near future that might affect the supply of or demand for labor Forecasting Demand correct answers Consider how much labor will we need Benchmarking, statistical methods, subject matter experts (educated guesses) Forecasting Supply correct answers 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 answers 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 answers Downsize Reduce pay Demotions Transfers Early retirement Wait for natural attrition Hiring freeze Downsizing correct answers Companies choose this strategy when: - Attempting to reduce costs - Closing or altering production facilities - Outsourcing and offshoring for economic reasons Human suffering is high - Financial and psychological damage - Which is worse? - Damage to future employment chances over time - Skill erosion Drawbacks of downsizing correct answers - Often irreplaceable people are let go - Survivors just work harder - Survivors become disillusioned Methods for correcting a shortage correct answers - Existing people work harder - Use temporary employees