Question 1

Anna is the manager of human resources at Alcatec Inc.She is comparing the number of employees required over the next six months versus the capabilities of her existing workforce adjusted for attrition.She is trying to identify any gaps between the two.Which step of the workforce planning process is discussed here?
A) monitor and revise the forecasts and action plans
B) articulate the firm's strategic staffing decisions
C) develop and implement action plans
D) conduct a workforce analysis

Accepted Answer

The step discussed here is conducting a workforce analysis, which involves comparing the number of employees required over a specific period with the capabilities of the existing workforce adjusted for attrition. This step helps identify any gaps, if exist, and informs the next step of the process, which is developing and implementing action plans to address the identified gaps. Therefore, the best choice is D.

Question 2

Bottom-up judgmental forecasting uses the input of lower-level managers to estimate the firm's total staffing requirements.

Accepted Answer

Bottom-up judgmental forecasting involves soliciting input from lower level managers or employees to get a better estimate of the staffing needs of the company.

Question 3

The most comprehensive source of free data on conditions in the U.S.labor market is the U.S.Bureau of Labor Statistics (BLS).

Accepted Answer

The U.S. Bureau of Labor Statistics (BLS) is indeed the most comprehensive source of free data on conditions in the U.S. labor market.

Question 4

Business process outsourcing is the relocation of an entire business function,such as production,manufacturing,or customer service,to an independent service provider in the same or a different country.

Accepted Answer

Business process outsourcing involves relocating an entire business function to an independent service provider, either in the same or a different country.

Question 5

Typically,when interest rates rise,
A) businesses are willing to borrow more money.
B) consumers are willing to borrow more.
C) businesses are less likely to expand.
D) businesses make bigger capital investments.

Accepted Answer

When interest rates rise, businesses are less likely to expand because it becomes more expensive to borrow money for investments and expansion. This can lead to decreased economic growth and potentially lower profits for businesses. Consumers may also be less willing to take on debt, potentially leading to decreased spending and lower demand for goods and services. While businesses may still make capital investments, they are likely to be more cautious and may prioritize paying down existing debt rather than taking on new debt at higher interest rates.

Question 6

A transition analysis can account for multiple moves.

Accepted Answer

The answer of A transition analysis can account for multiple...

Question 7

If new competitors enter an industry,customers will have greater product choices,which will tend to dilute the demand for any one company's products or services.

Accepted Answer

This statement is true. When new competitors enter an industry, customers have more options, which can lead to a decrease in demand for any one company's products or services. This can also result in increased competition and potentially lower prices for consumers.

Question 8

If the proportion of high-potential applicants increases,the total number of applicants needed to generate the right number of the right quality of new hires decreases.

Accepted Answer

If there are more high-potential applicants, the hiring team will have a larger pool of qualified candidates to choose from, making it easier to find the right fit for the job. This means that fewer overall applicants are needed to fill the available positions, assuming enough high-potential candidates apply.

Question 9

Forecasting is not an exact science,and it is rare for a forecast to be exactly right.Given this uncertainty,it is usually best to use the previous period's data and add/reduce some percentage value based on managerial intuition.

Accepted Answer

While using the previous period's data and adjusting based on intuition can be a method of forecasting, it is not usually the best approach. More sophisticated methods, such as statistical models, trend analysis, and machine learning algorithms, often provide more accurate and reliable forecasts by considering a wider range of variables and historical data patterns.

Question 10

Scatter plots show graphically how two different variables are related.

Accepted Answer

Scatter plots visually display the relationship between two variables. The placement of individual data points on the graph can reveal patterns or trends in the data.

Question 11

A retail store that forecasts a greater need for salespeople during Thanksgiving.This is an example of a seasonal forecast.

Accepted Answer

Seasonal forecasts are used to predict changes in demand caused by recurring events such as holidays, weather patterns, or other seasonal factors. In the given scenario, the forecast of a greater need for salespeople during Thanksgiving is an example of a seasonal forecast.

Question 12

Forecasting labor demand in small- and medium-size organizations is significantly easier compared to large organizations because there is a stronger correlation between employee count and productivity.

Accepted Answer

Forecasting labor demand in small- and medium-size organizations is not necessarily easier than in large organizations because there are many factors that can affect productivity besides employee count, such as technology, processes, and management practices. Large organizations may also have more data and resources to conduct more sophisticated forecasting models.

Question 13

If 4 out of 5 job offers are typically accepted,a company will have to make 120 offers so as to hire 80 employees.

Accepted Answer

The answer of If 4 out of 5 job offers...

Question 14

Higher staffing efficiency percentages reflect greater staffing efficiency.

Accepted Answer

The answer of Higher staffing efficiency percentages reflect greater staffing...

Question 15

Which of the following is the first step in the typical workforce planning process?
A) identifying the firm's business strategy
B) articulating the firm's strategic staffing decisions
C) developing and implementing action plans
D) conducting a workforce analysis

Accepted Answer

The first step in the typical workforce planning process is to identify the firm's business strategy. This is because workforce planning needs to align with organizational goals and objectives in order to effectively support the business. Once the business strategy is identified, the organization can move on to articulating staffing decisions, conducting a workforce analysis, and developing action plans.

Question 16

For a specific organization,the turnover rate is a constant.

Accepted Answer

Turnover rate can vary depending on various factors such as company growth, economic conditions, changes in management, job market, employee satisfaction, and other internal and external factors. Therefore, turnover rate is not a constant for any organization.

Question 17

A ratio analysis assumes that the ratio between the number of employees needed and certain business metrics is highly variable.

Accepted Answer

A ratio analysis assumes that there is a consistent relationship between certain business metrics and the number of employees needed. This allows businesses to use ratios to make informed decisions about staffing levels and operational efficiency.

Question 18

Transition analysis is a qualitative technique.

Accepted Answer

The answer of Transition analysis is a qualitative technique....

Question 19

Early retirement programs are a common way of dealing with temporary employee surpluses.

Accepted Answer

The answer of Early retirement programs are a common way...

Question 20

Talent inventories are detailed records or databases that summarize each employee's skills,competencies,education,training,previous performance reviews,and chances of being promoted.

Accepted Answer

Talent inventories are designed to keep track of an employee's various attributes, including skills, competencies, education, training, previous performance reviews, and potential for promotion. This information can be used to help managers make informed decisions about staffing, training, performance management, and succession planning.

Quiz 5: Forecasting and Planning