This method is used when the values of G, x and y are accurate. Nowadays computers are used to solve regression equations for demand forecasting.
Businesses need to assess the level of consumer demand in the future and begin building an infrastructure to meet those demands. To get rid of this loss organisation can acquire new skill, knowledge, values, and aptitudes among the existing employees by providing adequate and necessary training.
After forecasting potential loss, potential additions are also to be taken into account. By Sean Ross Updated Aug 31, Companies can use strategic human resource planning HRP to forecast current and future staffing needs using a variety of techniques, but the end goal is always to limit exposure to surpluses or shortages in labor.
The base of human resource forecast is the annual budget.
Action can be taken to arrest the labour wastage and replacement of uncontrollable losses. This can be prevented by taking steps to minimize absenteeism to forecast loss of human resources due to it.
Econometric model is used to forecast human resource requirements based on various variables. They are as follows. In Marchunemployment reached Demand and Supply Forecasting: Factors and Methods Article shared by : Read this article to learn about the factors and methods of demand and supply forecasting!