HRM Chapter 5 Final Exam Questions 2024.

HRM Chapter 5 Final Exam Questions 2024. Forecasting - ANSWER The attempts to determine the supply of and demand for various types of human resources to predict areas within the organization where there will be labor shortages or surpluses. Overview of the Human Resource Planning Process - ANSWER labor demand-labor supply surplus or shortage goal setting and strategic planning prgrm implementation/evaluation Trend Analysis - ANSWER Constructing and applying statistical models that predict labor demand for the next year, given relatively objective statistics from the previous year. Leading Indicators - ANSWER Objective measures that accurately predict future labor demand. Transitional Matrix - ANSWER A chart that lists job categories held in one period and shows the proportion of employees in each of those job categories in a future period. Core Competency - ANSWER A set of knowledge and skills that make the organization superior to competitors and create value for customers. Downsizing - ANSWER The planned elimination of large numbers of personnel with the goal of enhancing the organization's competitiveness. Outsourcing - ANSWER Contracting with another organization to perform a broad set of services. -a way to operate more efficiently and save money.