Demand and Supply Forecasting in Human Resources: Terms and Definitions, Quizzes of Human Resource Management

Download Demand and Supply Forecasting in Human Resources: Terms and Definitions and more Quizzes Human Resource Management in PDF only on Docsity! TERM 1 Demand Forecasting DEFINITION 1 How much labor will we need?-Benchmarking-Statistical methods-Educated Guesses TERM 2 Trend Analysis DEFINITION 2 Trend Analysis is the practice of collecting information and attempting to spot a pattern, or trend, in the information to predict demand for the following year. TERM 3 Leading Indicators DEFINITION 3 objective measures that accurately predict future labor demand TERM 4 Supply Forecasting DEFINITION 4 How much labor will we have? TERM 5 Transitional Matrix DEFINITION 5 charts showing jobs from one period and the proportion of those employees in each of those positions in the future. TERM 6 Outsourcing DEFINITION 6 went from a strategy for correcting shortages to a permanent way of structuring work. "offshoring" is a term used for job functions completed overseas. TERM 7 Downsizing DEFINITION 7 Planned elimination of large numbers of personnel with goals to enhancing the organizations competitiveness.-Reducing Costs (eliminate labor slack)-Take advantage of new technologies-Decrease bureaucracy due to useof work teams/corporate mergers-Pave way for use of foreign labor (cheaper) TERM 8 Downsizing: Negative Views DEFINITION 8 -the wrong people may be let go taking vital parts of the organizational memory.-the effects on the "survivors" can be severe -if an organization cuts too deep, it may have to replace workers and incur the expense that follows. TERM 9 Recruitment DEFINITION 9 Recruitment refers to the process of attracting, screening, and selecting a qualified person for a job.-many are chosen- find the best "fit" for the company-used to staff an organization and later replace workers or help with labor shortages TERM 10 Vacancy Characteristics DEFINITION 10 What kinds of organization and job characteristics would you find attractive when applying for a position-perceived position characteristics-Positions acceptable and rejected- espoused importance of various position characteristics