TWO KINDS OF FORECASTING TECHNIQUES

• forecasts are based on the judgement of those managers and executives who have intensive and extensive knowledge of human resource requirement

  JUDGEMENTAL FORECASTS Judgmental Forecasts: aka. Conventional Method
• Managers or supervisors who are well-acquainted with the workload, efficiency and ability of employees, think about their future workload, future capabilities of employees and decide on the number and type of human resources to be required.


  Managerial Estimate:
• requires a large number of experts who take turns to present their forecast statement and underlying assumptions to the others, who then make revisions in their forecasts

  Delphi Method:
• forecasting techniques based on statistical methods.

  Statistical Projection
• carried out by studying the past ratios and the forecasting ratios for the future.

  Ratio-Trend Analysis:
• the previous data is analyzed and the relationship between different variables in a mathematical formula is developed.

  Econometric Model:
• generally used to study work measurement

  Work-Study Techniques: