Markov Analysis – Human Resources HRM Quiz

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Markov Analysis - Human Resources HRM Quiz
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Human Resources Planning, Management, Markov Analysis, Skills Inventories.

The key terms in this Human Resources course include Human Resource Planning, HR Consultant, Management, Forecasting Supply, External Supply, Plans, HRP, Planning, CEO, Promotion, Labour Supply, Markov Analysis, Skills Inventories, Staffing Tables, Management Inventories, Supply.

Alice is the HR consultant advising Nexus Inc., a small but successful software development firm on how to conduct human resource planning. She is currently explaining the ʺforecasting supplyʺ step in the planning process to the CEO and confirms that projected openings are to be filled by using two sources. They are:

A) internal and external supply. correct
B) overtime and temporary workers.
C) contracting-out and outsourcing.
D) recruitment and promotion.
E) transferring and promotion.

A method of forecasting internal labour supply that involves tracking the pattern of employee movements through various jobs and developing a transitional probability matrix is known as:

A) computerized forecasting.
B) Markov analysis. correct
C) multiple regression analysis.
D) ratio analysis.
E) trend analysis.

Manual or computerized records summarizing employeesʹ education, experience, interests, skills, etc., which are used to identify internal candidates eligible for transfer and/or promotion, are known as:

A) skills inventories. correct
B) Markov analysis.
C) replacement charts.
D) staffing tables.
E) job descriptions.

Management inventories:

A) are visual representations of who will replace whom in the event of a job opening.
B) are a method of forecasting labour supply that involves tracking the pattern of employee movements.
C) record information about managerial responsibilities and management training used to identify internal candidates eligible for promotion. correct
D) are a method used to arrive at a group decision involving outside experts.

Markov Analysis – Human Resources HRM Quiz

You have been hired as the Director of HR at Targus Inc., a clothing retailer. To project the supply of outside candidates in the HRP process for the firm you will need to assess:

A) succession plans.
B) staffing tables.
C) skills inventories.
D) national labour market conditions. correct
E) management inventories.

In general terms, the lower the rate of unemployment:

A) the smaller the labour demand.
B) the larger the labour demand.
C) the easier it will be to recruit.
D) the larger the labour supply.
E) the smaller the labour supply. correct

A reality is that Canadaʹs population is aging as the baby boom cohort approaches retirement. Currently, ________ of all Canadian workers retire before the age of 65.

A) 67% correct 

B) 33%

C) 20%

D) 50%

E) 80%