Chapter 12 Flashcards Preview

Human Resource Management - MGT501 > Chapter 12 > Flashcards

Flashcards in Chapter 12 Deck (11)
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1
Q

What is planning

A

The process of setting goals and deciding how best to achieve them

2
Q

Planning is concerned with which 2 things

A
  1. End

2. Means

3
Q

What is HRP

A

Human resource planning is process of anticipating an organization’s future human resource needs and then developing action plans for fulfilling identified needs. We can say it is getting the right people, at the right place and the right time.

4
Q

What are 3 parts of HRP

A
  1. The required number of employees
  2. With the required skills
  3. Are available when needed
5
Q

How do organizations do demand forecasting (future need of human resources)

A

There are 2 approaches

  1. Statistical approaches
  2. Judgmental methods
6
Q

What are 3 techniques in statistical approach

A
  1. Trend analysis
  2. Ratio analysis
  3. Regression analysis
7
Q

What is Trend analysis

A

We observe trends in past and make guess for future on that data. Example of floor usage in a home. If last months shows that floor usage is 4.5kg, 5kg, 4kg then future need will be near to that figure.

8
Q

What is ratio analysis

A

We work on ratio. Example of a hospital. if there are 100 patients then there should be 25 nurses. Then patient/nurse ratio = 4/1

9
Q

What is regression analysis

A

2 factors depending on each other, the relationship between them is called regression analysis.

10
Q

What is judgmental analysis

A

People working on a domain with lot of experience have skills to guess better with some indicators.

11
Q

What is human resource audit

A

We can figure out surplus (then act accordingly layoff, transfer, demotions) or shortage (then act accordingly Recruiting, training, career, development) using the following 2 things

  1. Forecast labor supply
  2. Forecast labor demand