WGU D351 v2 Topic 3

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41 terms zan Define the term "demand" in terms of HRM.understand the companies human capital needs Define the term "supply" in terms of HRM.who is available to fill those needs List the ways that human resource planning (HRP) helps organizations.Reduce cost so there isn't a surplus of people, planning employee development and to use those employees strengths, improve business planning process, provide more opportunities for women and minorities, promote awareness and importance of HRM through the workplace, evaluating the effect of HR actions and policies.How has technology influenced HRP?It is easier to be able to compile data about employees in one place for convenient access, What are the 4 steps (phases) in the HR planning process? What happens during each step/phase?Gathering, analyzing, and forecasting data to develop an HR supply and demand forecast What are the two common forecasting techniques used to project the organization's demand for human resources?Judgemental and statistical

What are the six statistical forecasting methods? simple linear regression (increased sales mean we will need to have more CSR), multiple linear regression (mulitple factors instead of just one. sales increase which increases are need for CSR, computing space for new clients) productivity ratio ( historical data are used to examine the past level of a productivity index), HR ratio (past HR data are examined to determine historical relationships among employees in various jobs or job categories), time series analysis (Past staffing levels are examined in order to isolate seasonal and cyclical variations, long-term trends, and random movements.), stochastic ratios (the likelihood of landing a series of contracts is combined with the HR requirements for each contract, in order to estimate expected staffing requirements.) What are the three judgmental forecasting methods? Managerial estimates (in financial institutions like banks, a bottom-up approach is often used, where each branch passes its estimates to the head office.) delphi technique (large number of experts take turns presenting a forecast statement and assumptions. An intermediary passes each expert's forecast and assumptions to the others, who then make revisions to their own forecasts) Nominal grouping technique (several people sit around a conference table and independently list their ideas on a sheet of paper. After ten to twenty minutes, they take turns expressing their ideas to the group. As these ideas are presented, they are recorded on larger sheets of paper so that everyone can see all the ideas and refer to them in later parts of the session.) List an example of a variable.What can change, if we sell X number of contracts how many employees will we need When should multiple linear regression be used to forecast demand?When trying to figure out what you will need based on one variable When should time series analysis be used to forecast demand?When trying to determine how many seasonal workers you may need What are the two judgmental techniques used by organizations to make supply forecasts?Replacement planning (uses charts that show the names of the current occupants of positions in the organization and the names of likely replacements.) Succession planning (is similar to replacement planning, except that succession planning tends to be longer term, more developmental, and more flexible.) What information is included in replacement planning? A chart of available positions (those who aren't performing) and a list of those who could fill that position instead.What is the difference between succession planning and replacement planning?succession planning tends to be longer term, more developmental, and more flexible.Why is establishing HR objectives and policies (phase 2) vital?because it fosters HR strategies that support the firm's business plans What are the two types of action programs?Attraction and reduction What action program is designed to increase the supply of the right employees in the organization?Attraction