HR PLANNING FINAL EXAMS (CHAPTERS 5-9 +14)
Event-based forecasting - Forecasting concerned with changes in the external
environment.
Transaction-base Forecasting - Forecasting that focuses on tracking internal change
instituted by the organization's management.
Process-based Forecasting - Forecasting not focused on a specific internal event but on
the flow or sequence of several work activities.
HR Forecasting - The heart of the HR planning process; can be defined as ascertaining
the net requirement for personnel by determining the demand for and supply of human
resources now and in the future.
Human Resources Demand - The organization's projected requirement for human
resources.
Human Resources Supply - The source of workers to meet demand requirements,
obtained either internally or externally.
Designated Groups - Groups deemed to require special attention due to persistent
disadvantages they face in the labour market: aboriginals, women, visible minorities and
person's with disabilities.
Current forecast or short-term forecast - A forecast to meet the current needs of the
organization (1 year).
Short-run Forecast - A forecast looking just beyond the current forecast (1-2 years).
Medium-run Forecast - A forecast that looks 2-5 years out.
Long-run Forecast - Due to uncertainty and possible changes, this forecast must be
flexible and usually only looks 5+ years out.
Prediction - A single numerical estimate of HR requirements associated with a specific
time horizon and set of assumptions.
Projection - Several HR estimates based on a variety of assumptions.
Envelope - An analogy in which one can easily visualize the corners of an envelope
containing the upper and lower limits (or bounds) of the various HR projections
extending into the future.
External Supply Requirements - Replacement + Change Supply Components
