Question 1

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, it can be assumed that they are more likely to meet the desired qualifications and standards for the company. Therefore, the company would need fewer overall applicants in order to find the right number of qualified hires.

Question 2

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

With more competitors in an industry, customers will have more options to choose from. This may lead to reduced demand for any one company's products or services.

Question 3

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 helps to align workforce planning goals with the overall mission and objectives of the organization.

Question 4

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 5

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 the input of lower-level managers to estimate staffing requirements. Therefore, the statement is true.

Question 6

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 7

The employer health insurance mandate in the 2010 Patient Protection & Affordable Care Act,requires employers with at least 50 full-time employees to provide government-approved,affordable health insurance to at least 95 percent of their employees and dependents beginning in 2014.

Accepted Answer

This is a correct statement regarding the employer health insurance mandate in the 2010 Patient Protection & Affordable Care Act.

Question 8

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

Accepted Answer

Ratio analysis typically assumes a consistent relationship between the number of employees needed and certain business metrics, using historical data to predict future needs rather than assuming high variability.

Question 9

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 the most comprehensive source of free data on conditions in the U.S. labor market, providing information on employment, unemployment, wages, productivity, and other labor-related topics.

Question 10

A transition matrix can be used to model the flow internally of human resources.

Accepted Answer

A transition matrix shows the movement or transition from one state to another. In the context of human resources, it can be used to model the flow of employees within an organization, such as how many employees move from one department to another or how many employees leave the company altogether.

Question 11

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 become less likely to expand because borrowing becomes more expensive. They tend to slow down their investments and delay expansion plans until interest rates come back down. Consumers may also become less willing to borrow as borrowing costs increase.

Question 12

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 13

The internal labor market is critical in predicting future promotions,turnover rates and demographics of the employee base.

Accepted Answer

The internal labor market refers to the system of career paths and advancement opportunities within a company for its existing employees. By analyzing patterns within the internal labor market, such as who is promoted and who leaves the company, employers can make predictions about future promotions, turnover rates, and the demographics of their employee base. Therefore, the statement is true.

Question 14

A retail store 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 or staffing needs based on recurring patterns or seasons, such as holiday shopping seasons like Thanksgiving.

Question 15

Scatter plots show graphically how two different variables are related.

Accepted Answer

Scatter plots are specifically designed to display the relationship between two variables. Therefore, they do show graphically how two different variables are related.

Question 16

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

This statement is true. Business process outsourcing involves transferring an entire business function to a third-party service provider, which may be located in the same country or overseas. This allows companies to save on costs and focus on their core competencies.

Question 17

Talent inventories are detailed records or databases that summarize each employee's skills,competencies,education,training,previous performance reviews,and future promotions.

Accepted Answer

Talent inventories do indeed summarize each employee's skills, competencies, education, training, previous performance reviews, and future promotions.

Question 18

A transition analysis can account for multiple moves.

Accepted Answer

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

Question 19

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 being discussed is conducting a workforce analysis. In this step, the manager is comparing the number of employees required with the capabilities of the existing workforce adjusted for attrition. This step involves assessing the current workforce, analyzing workforce data, and identifying any gaps between the current workforce and the required workforce.

Question 20

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 can often be more unpredictable and complicated as there are fewer employees and they may have multiple job duties or roles. Additionally, factors such as seasonality and changing market conditions can greatly impact labor demand. In large organizations, there may be more standardized processes and data available to inform labor demand forecasting. The statement in the question is therefore incorrect.

Quiz 5: Forecasting and Planning